The Multifamily Lending division provides acquisition, rehabilitation and permanent financing to preserve, improve, maintain and increase the affordability of rental housing for very low and low income families in California. In addition to multifamily lending, Multifamily Programs administers a statewide Conduit Issuer Program. This program is designed to facilitate both for-profit and non-profit developers in accessing tax-exempt bonds for the financing of affordable family and senior housing developments.
Closed 18 Mental Health Services Act Housing Program (MHSA) loans. This created 227 MHSA units within 1,160 total units. Total loan amounts were $25.6 million, plus Capital Operating Subsidy Reserve of $7.7 million for a total of $33.3 million
Issued $59.1 million in conduit lending, to four projects with 337 total units
Converted $39.2 million in preservation loans, to five projects with 540 total units
Received approval for HUD Risk Share balloon payments, via revised underwriting guidelines for Acquisition/Rehabilitation and Permanent Loan programs
Revised conduit issuer program to reduce fees, increase collaboration with local housing authorities and implement a formal application process