CHAIR & EXECUTIVE DIRECTOR’S MESSAGE
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
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. Carey
CalHFA Acting Board Chair
Claudia Cappio, Executive Director
California Housing Finance Agency