California Housing Finance Agency 2011-2012 ANNUAL REPORT

MULTIFAMILY PROGRAMS

 

Asset Management

The Asset Management division plays a major role in preserving and maintaining affordable housing for CalHFA. The division manages the multifamily housing portfolio throughout the life of the typically 30 to 40 year loans, protecting CalHFA’s real assets from loss and ensuring regulatory compliance. The division also works with building owners and managers to ensure properties are well-operated, fiscally sound, clean and safe for tenants.

California Housing Finance Agency

BRIDGEPORT COVERED BRIDGE

Built in 1862 by David Isaac John Wood with lumber from his mill in Sierra County, this bridge was part of the Virginia Turnpike Company toll road which served the northern mines and the busy Nevada Comstock Lode. It is one of the oldest housed spans in the west and the longest single-span wood-covered bridge in the United States.

Accomplishments - Asset Management

 

  • Transferred 23 loans from multifamily programs via Mental Health
    Services Act (MHSA) Housing Program. Asset Management’s role
    includes overseeing $15.3 million in Capitalized Operating Subsidy Funds
  • Decreased Section 8 contracts to 116, down from a one-time high of 135 contracts. Approximately 40 Section 8 projects terminate in 2013-15
  • Completed its second year of testing the Prepayment Pilot Program, which allows loans to be paid off if the loan matures within seven years or less. Eight projects with loan termination dates prior to 2018 were paid off. The program has been extended through 2013
  • Worked with the Financing division and Citibank to securitize $119 million of multifamily loans, allowing CalHFA to eliminate a portion of its variable rate bonds. Asset management servicing was transferred to Citibank
  • Expects to complete 11 portfolio loans for preservation by the end of 2012