CalHFA Mixed-Income Program Information Updated for 2020
November 27, 2019
SACRAMENTO — The CalHFA Mixed-Income Program (MIP), which is making approximately S180 million in financing available for 2020, has been updated and the termsheet and other documents can now be found on the MIP section of the CalHFA website.
The program uses funds from SB 2 (the Building Homes and Jobs Act) and AB 101 (the State Budget Housing Trailer Bill) to provide competitive, long-term subordinate financing to incentivize the construction of new rental housing developments that are affordable for a mix of incomes between 30% and 120% of the Area Median Income (AMI).
CalHFA has made several program updates for 2020, most notably that the program is switching to an over-the-counter model. Visit key dates for additional information.
Also, there will no longer be a list of preferred lenders. Instead, MIP can be used in conjunction with CalHFA’s Permanent Loan program or with an outside lender that meets CalHFA’s qualifications, which are available on the termsheet.
Thank you for your continued partnership with CalHFA.
# # #
The California Housing Finance Agency was created in 1975 with the goal of helping more Californians find a place to call home. CalHFA is a self-supporting state agency that doesn't rely on taxpayer dollars. For more information on CalHFA programs, and how we are creating progressive financing solutions for affordable housing in California, visit www.calhfa.ca.gov or call toll free at 877.9.CalHFA (877.922.5432).
Contact: Chris Saur