Single Family Programs
In 2010-2011, California continued to face significant challenges with high unemployment and a historic disruption of our real estate markets, generating record levels of foreclosures and short sales.
Nonetheless, the California Housing Finance Agency remained focused on its mission to provide affordable housing opportunities for families through our single family and multifamily housing programs as well as administering the U.S. Department of the Treasury’s landmark Hardest Hit Fund to help families remain in their homes.
In November, we launched a new low interest, 30-year mortgage in partnership with the Federal Housing Administration. This allowed CalHFA to finance more than 1,000 first-time homebuyer mortgage loans and significantly re-enter the mortgage financing marketplace at a time when real estate prices make homeownership more affordable to California families than at any time in the past 20 years.
Our Multifamily division continued its partnership with state and local agencies on the Mental Health Services Act Housing Program to provide supportive housing for Californians who need mental health services. Multifamily’s overall portfolio continues to perform very well, with Asset Management overseeing more than 41,600 units of affordable rental housing, keeping its delinquency rate extremely low to preserve affordability for California families.
As the foreclosure crisis has grown, CalHFA has increased its focus on efforts to help people remain in their homes. We continued to partner with counseling organizations around the state in securing federal funds to help those agencies provide in-person support to Californians struggling to pay their mortgages.
In another collaborative action, CalHFA fully launched the Keep Your Home California program, a $2 billion, federally-funded initiative that is the largest single effort to help Californians avoid foreclosure and remain in their homes.
While this effort—which hinges on partnerships with dozens of mortgage servicers—will ultimately help tens of thousands of California families, its impact goes far beyond that. By preventing foreclosures, Keep Your Home California will help stabilize neighborhoods, communities and our economy.
The past few years of market disruptions required us to continue thinking creatively, while offering products and programs that meet the changing housing needs of Californians. We appreciate the continued hard work of our team at CalHFA, the dedication of our board members, and the cooperation of the great partners we have throughout the state. Together, we will keep on working to enhance the future of our state.
Peter N. Carey
CalHFA Acting Board Chair
Claudia Cappio, Executive Director
California Housing Finance Agency