California Housing Finance Agency 2011-2012 ANNUAL REPORT

CHAIR & EXECUTIVE DIRECTOR’S MESSAGE

 

California Housing Finance Agency California has been building bridges across ravines, waterways and other obstacles for generations, from the Golden Gate in San Francisco to the Coronado curving over SanDiego Bay.

Like these iconic crossings, and every other span in the state, the California Housing Finance Agency helps low and moderate income families bridge their financial challenges in pursuit of affordable housing.

Providing this assistance has been at the center of our mission for more than 35 years, through economic recessions, seven U.S. Presidents, state budget crises and international conflicts.

The challenges facing those looking for homes has never been greater than in recent years the double-digit jobless rate, the hard-hit housing market and the lingering economic effect from the Great Recession have combined to make it more difficult to find safe, decent and affordable housing.

CalHFA, however, continues to provide much-needed housing opportunities for Californians. Our single family lending programs continue to bridge the all-important gap of a down payment, while multifamily programs help disadvantaged populations make the crossing into normal society. Meanwhile, Keep Your Home California, a $2 billion effort to help families remain in their homes, helps make the gulf smaller between what people owe on their homes and what they are able to pay.

CalHFA focuses on results – the numbers determine our success, and we had much to be proud of in 2011-12.

CalHFA funded almost 4,900 loans totaling $27.5 million for the California Homebuyer’s Downpayment Assistance Program, helping first-time homebuyers with down payment and closing costs. All allotted funds were distributed for the School Facility Fee Down Payment Assistance Program, which supported more than $6.2 billion in economic activity over its life. The agency also approved or completed 61 projects for a combined $76 million as part of the Mental Health Services Act Housing Program.

Keep Your Home California – a federally-funded foreclosure prevention program – has helped about 25,000 homeowners since February 2011. The program continues to assist more financially strapped families, answering more than 1,500 calls per day from homeowners looking for help from at least one of KYHC’s four programs.

In less than 18 months, more than 90 participating mortgage servicers and more than 40 housing counseling agencies, which offer one-on-one counseling to homeowners, have joined Keep Your Home California.

Even though we measure our success with numbers, CalHFA is much more than facts and figures. We work to modify existing loans in our Servicing division. We are working with the Legislature to address housing needs through government channels. We are finding new ways to increase internal efficiency and drive our operating costs down so we can continue to help Californians cross housing divides, whether financial or otherwise.

Much like the architects, engineers and hard-working employees who build bridges to open up new vistas and possibilities for Californians on the go, we work tirelessly to bridge the gap between the idea of a home and the reality of a place to call home.

The CalHFA team, from the members of our Board of Directors to the 250-person staff of dedicated individuals, will continue to help Californians regardless of the obstacles ahead – and regardless of the bridges we may need to build and cross.

 

Peter N. Cary CalHFA Acting Board Chair
Peter N. Carey
CalHFA Acting Board Chair

 

Claudia Cappio, Executive Director California Housing Finance Agency
Claudia Cappio, Executive Director
California Housing Finance Agency