Single Family Programs
The Financing division supervises the capital used to finance the Agency's affordable housing programs. It also handles the Agency’s outstanding debt obligations and non-mortgage investments. The division frequently evaluates various alternatives for generating low-cost capital, including balancing risk versus benefit. CalHFA's tax-exempt issuance authority allows the Agency to serve the affordable housing needs of Californians in a way that the general market cannot.
Accomplishments - Financing
- Issued $240 million of bonds under the Residential Mortgage Revenue Bond indenture.
- Provided $192 million of tax-exempt bond proceeds issued under the Affordable Multifamily Housing Revenue Bond.
- Pooled FHA-insured loans into Government National Mortgage Association (GNMA) mortgage-backed securities totaling more than $226 million.
- Purchased $441 million of CalHFA bonds at a discount in the secondary market in lieu of redeeming the bonds at par. These open-market purchases saved CalHFA $38.6 million.
- Sold $70 million of GNMA securities and realized a premium of $1.6 million.
- Reduced the amount of variable rate bonds outstanding by $400 million during the fiscal year.
- Reduced the notional amount of interest rate swaps outstanding from $3.4 billion to $2.8 billion during the fiscal year.
- Secured state bond financing for Bay Area Housing Program loans, allowing Regional Centers to prepay CalHFA loans.