Single Family Programs
The Multifamily division provides financial support for new housing developments, special needs projects and the preservation of existing rental housing for very low and low income families.
In fiscal year 2010-11, the Multifamily division created new opportunities by shifting resources and providing lending expertise. Through an interagency agreement with the California Tax Credit Allocation Committee, CalHFA underwrote, closed and provided disbursement reviews for the exchange or supplement of tax credits to keep affordable rental development projects viable, utilizing federal American Recovery and Reinvestment Act funds. In addition, the New Issue Bond Program facilitated the financing for family and senior affordable housing developments by making tax-exempt bond funds available for developers.
The Multifamily division continued its successful partnerships as part of the Mental Health Services Act Housing Program. Working jointly with county health departments and the California Department of Mental Health, CalHFA administers funds for the development of permanent supportive housing for Californians dealing with homelessness and living with mental illness – creating nearly 4,900 units.
Accomplishments - MULTIFAMILY
- Closed two CalHFA permanent loans for $7 million totaling 262 units of rental housing.
- Under contract with the California Tax Credit Allocation Committee, underwrote 68 multifamily developments, resulting in 61 closed projects, 4,495 housing units using $316 million of federal American Recovery and Reinvestment Act funds.
- New Issue Bond Program approved and closed 20 projects representing 2,189 units and $212 million.
- The Mental Health Services Act Housing Program approved 94 projects totaling 4,879 units and $220 million and closed 60 projects for a combined 3,311 units and $158 million.