EXECUTIVE DIRECTOR'S MESSAGE
The California Housing Finance Agency was born 40 years ago, thanks to the combination of a genuine need for more affordable housing options in California, complex negotiations between both political parties and the governor, and a truly visionary partnership between the state and private industry.
We partner with all levels of government: Federal, State and local, while facilitating collaboration with all levels of the housing industry: developers, lenders, brokers, real estate agents, trade associations and housing advocates who all make affordable housing possible in California.
We preserve workforce rental housing in California by financing the acquisition and rehabilitation of affordable multifamily housing to help keep existing housing stock up-to-date and safe. CalHFA also makes its first mortgages available to purchasers of both new and resale single family homes.
We promote affordable housing through collaborative partnerships. We combine our funding with other sources to finance housing that will change the lives of California residents. Our staff makes countless appearances at trade shows, lending branch offices, industry forums, city council meetings and other opportunities to make sure people know why what we do is so important. In addition we communicate to the California State legislature and our Federal partners via the National Council of State Housing Agencies regarding how our work helps California's low and moderate income families.
We are thankful and fortunate to have the support of our partners and the dedication of our employees to assist in our efforts. As we enter our fifth decade, we look forward to continuing our lending with a purpose and to making a difference in the lives of low and moderate income Californians.
We have new first mortgage products that have already exceeded our financing goals. We have improved down payment assistance programs that can really help the potential homebuyers who have steady jobs and good credit. We have multifamily programs that ensure the continued viability of our existing housing stock, and we're readying our staff and internal operations to provide competitive financing on the construction and development side once again.
The present and future are not without challenges: housing prices, especially in the coastal metropolitan areas, are once again squeezing first-time homebuyers to the margins. Rents in these same areas are following a similar path, so we must be vigilant in ensuring that the most vulnerable among us can continue to find a place to call home.
CalHFA has forty years of vibrant history, and this annual report reflects that. We invite you to take a moment and see what we've accomplished, both in Fiscal Year 2014/15 and the decades since we were signed into existence by Governor Edmund G. Brown Jr. We look forward to another 40 years of partnering, preserving and promoting affordable housing in California.
Tia Boatman Patterson