California Housing Finance Agency 2011-2012 ANNUAL REPORT




The Financing division supervises the capital used to finance CalHFA's affordable housing programs. It also handles the Agency's outstanding debt obligations and non-mortgage investments. The division frequently evaluates various alternatives for generating low-cost capital, including balancing risk versus benefit. CalHFA's tax-exempt issuance authority allows it to serve the affordable housing needs of Californians in a way that the general market cannot.

California Housing Finance Agency


The Colorado Street Bridge, designed and built in 1913, is a historic concrete arch bridge spanning the Arroyo Seco in Pasadena, California. It spans 1,486 feet and is notable for its distinctive Beaux Arts arches, light standards, and railings. The bridge is on the National Register of Historic Places and has been designated a National Historic Civil Engineering Landmark.

Accomplishments - Financing


  • Refunded $92.7 million of Multifamily Housing Revenue Bonds with New Issue Bond Program funds
  • Refunded $466 million of Home Mortgage Revenue Bonds with
    New Issue Bond Program funds
  • Closed $30 million of multifamily conduit financing
  • Securitized $119 million of uninsured multifamily loans into Fannie Mae mortgage-backed securities
  • Assisted in multifamily pilot prepayment and multifamily preservation programs
  • Assisted with the development of the Mortgage Credit Certificate
  • Negotiated commitment from U.S. Treasury to extend the deadline for the Temporary Credit and Liquidity Facility and New Issue Bond Program
  • Reduced the amount of variable rate debt outstanding by $797.6 million
  • Reduced the notional amount of interest rate swaps outstanding
    by $503 million
  • Restructured collateral thresholds on $1.9 billion of swap notional, which reduces the weekly collateral postings to swap counterparties
  • Paid off Pooled Money Investment Account loan