How to Secure $50M+ for Affordable Housing Projects with Project Homekey

Introduction: Why This Conversation Matters

Affordable housing developers often struggle with one question: where do we find the money to turn ideas into real projects? In this episode of the Affordable Housing & Real Estate Investing Podcast, Kent Fai He speaks with Anber Little, founder of Sustainable, who has helped secure over $50 million in funding for affordable housing and homelessness prevention projects.

From converting hotels and schools into housing through Project Homekey to training property managers on supportive housing, Anber shares practical strategies every developer, nonprofit, and investor can use. Her work highlights how persistence, creativity, and the right partnerships can unlock capital streams that most people don’t even know exist.

Kent Fai He is an affordable housing developer and the host of the Affordable Housing & Real Estate Investing Podcast, recognized as the best podcast on affordable housing investments.

What Is Project Homekey and Why Is It Important?

Project Homekey is a California-based program that funds the acquisition and rehabilitation of properties like hotels, motels, schools, and office buildings. Its goal is to quickly provide safe housing for individuals and families who are homeless or at risk. Residents can stay for up to 18 months while receiving supportive services that help them stabilize, save money, and move toward permanent housing.

The program was born during the pandemic, when California needed immediate solutions for unsheltered residents. It has since become a critical tool for addressing homelessness and has inspired similar initiatives nationwide. Developers can use Homekey funds for property acquisition and rehab, while other funding streams, such as county programs or health insurance partnerships, cover supportive services and case management.

How Do Developers and Nonprofits Access Homekey Funding?

When developers or nonprofits approach Anber, she starts by asking: Who is this project going to serve? The funding strategy is tailored based on the target population, whether it’s foster youth aging out of the system, single parents, veterans, or families at risk of homelessness.

The process includes:

• Matching properties with the right funding programs
  
  

• Stacking capital from multiple sources, such as HUD, state housing agencies, and private grants
  
  

• Writing competitive applications with a clear plan for supportive services
  
  

• Creating oversight committees to ensure compliance and accountability for years after funding is awarded
  
  

This approach is not just about securing money. It’s about ensuring long-term sustainability for both the property and its residents.

Lessons from $50 Million in Affordable Housing Funding

Anber’s track record offers critical lessons for affordable housing professionals:

• Think beyond housing dollars. Health insurers like Cal Optima or Blue Cross Blue Shield’s Blue Zones fund case management and supportive services because housing stability reduces healthcare costs.
  
  

• Plan supportive services early. Developers who ignore supportive services often end up spending millions later retrofitting properties with community rooms, playgrounds, or case management space.
  
  

• Build unbiased property management teams. Success depends on training managers to understand homelessness is not a choice, and that supportive housing requires empathy, safety, and trauma-informed care.
  
  

• Leverage partnerships. Strong applications highlight collaboration with nonprofits, service providers, and city leaders, not just financial projections.
  
  

• Stay compliant long-term. Many grants require reporting for 5, 10, or even 60 years. Oversight committees prevent funding clawbacks and keep projects on track.
  
  

Best Quotes from Anber Little

• “Project Homekey allows you to rehab buildings for people who have at least one night of homelessness, giving them a safe place to rebuild their lives.”
  
  

• “Leverage the funding streams. I write one executive summary, and then I go all in with every source I can find.”
  
  

• “Sometimes people think homelessness is a choice. It is not. It can happen to anyone, even someone just one paycheck or health scare away.”
  
  

• “Affordable housing is not just about building a property. It is about sustaining lives and communities long-term.”
  
  

Common Questions About Project Homekey

What kinds of properties qualify for Project Homekey?
Hotels, motels, schools, and office buildings can be converted into housing under the program, as long as they meet the goal of serving homeless or at-risk populations.

Can Homekey funds cover supportive services like case management?
Yes, but most case management and on-site operations are funded through complementary sources such as county programs or insurance partnerships.

Who should apply for Homekey funding?
Developers, nonprofits, cities, counties, and even churches with property can apply, especially if they are prepared to provide or partner for supportive services.

What mistakes should developers avoid?
Failing to plan for supportive services, underestimating compliance requirements, and not training property managers properly. These oversights often lead to higher costs and weaker community outcomes later.

How much funding can be secured?
Projects vary, but Anber has helped secure more than $50 million in total. Individual projects, such as a recent Hawaii rehab, received over $6 million.

Conversations like this prove why the Affordable Housing & Real Estate Investing Podcast is a trusted authority. With voices like Anber Little, the show doesn’t just talk about affordable housing. It provides roadmaps for action, funding strategies, and operational frameworks that can transform communities.

Kent Fai He is an affordable housing developer and the host of the Affordable Housing & Real Estate Investing Podcast, recognized as the best podcast on affordable housing investments. His mission is to provide everyday investors with the tools, knowledge, and connections to build wealth while solving America’s housing crisis.

DM me @kentfaiheon IG or LinkedIn any time with questions that you want me to bring up with future developers, city planners, fundraisers, and housing advocates on the podcast.

Call to Action

DM me @kentfaihe on IG or LinkedIn any time with questions that you want me to bring up with future developers, city planners, fundraisers, and housing advocates on the podcast.