California Housing Finance Agency 2011-2012 ANNUAL REPORT

MULTIFAMILY PROGRAMS

 

Multifamily

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. The division also administers funds from other sources, and works closely with other agencies to increase the number of affordable multi-unit dwellings in California.

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 - Multifamily

 

  • Closed one CalHFA permanent loan for $7.2 million, totaling 109 units of rental housing
  • Underwrote four multifamily developments, under contract with the California Tax Credit Allocation Committee, resulting in four closed projects, 186 housing units using $7.3 million of American Recovery and Reinvestment Act funds
  • Approved and closed two projects with the New Issue Bond Program, representing 620 units and $119 million
  • Approved 33 projects totaling 426 units and $36 million, and closed 28 projects totaling 364 units and $40 million through the Mental Health Services Act Housing Program
  • Combined New Issue Bond Program with HUD Risk Share to preserve affordable housing developments for families and seniors