California Housing Finance Agency 2011-2012 ANNUAL REPORT

SINGLE FAMILY PROGRAMS

 

Single Family Lending

The Single Family Lending division works to help first-time homebuyers and others purchase homes in California. Traditionally, this has been accomplished through the financing of first mortgages, but the division’s focus has shifted to down payment assistance in the past few years. The division also works with lending partners, municipalities and others in the private and public sectors to facilitate homeownership.

California Housing Finance Agency

CORONADO BRIDGE

11,179-foot-long Coronado Bridge ascends from Coronado curving 80 degrees toward San Diego. The span reaches a maximum height of 200 feet, allowing the U.S. Navy ships which operate out of the nearby Naval Base San Diego to pass underneath it.

Accomplishments – Single Family Lending

Lending Programs

  • Funded 4,891 loans totaling $27.5 million for the California Homebuyer’s Downpayment Assistance Program(CHDAP) and supporting more than $1.1 billion in first mortgage lending
  • Disbursed remaining funds allotted to the School Facility Fee Down Payment Assistance Program, by issuing 2,005 grants totaling $12.6 million. 14,000 grants were issued over the life of the program totaling $61 million and facilitating more than $6.2 billion in economic activity.
  • Introduced a Mortgage Credit Certificate program

Special Programs Servicing/Administration

  • Processed 191 subordination requests for the California Homebuyer’s Downpayment Assistance Program
  • Processed 250 Extra Credit Teacher Home Purchase Program interest forgiveness recertifications
  • Processed 117 School Facility Fee payoff requests

Affordable Housing Partnership Program

  • Maintained 292 approved localities with a total of 539 approved programs
  • Financed 45 first mortgage loans totaling $6.8 million along with locality contributions to borrowers totaling $2.3 million

Business Development and Lender Services

  • Maintained and administered 42 active new lenders
  • Approved four new lenders
  • Processed 28 new lender applications
  • Conducted 11 webinars and attended 16 housing events, reaching 9,915 attendees