Multifamily Programs

CalHFA loan programs are designed to work with a variety of project types and income levels. When using CalHFA Permanent Loans, the Agency must be the Bond Issuer, but CalHFA also offers a Conduit Issuer Program that can be used when another lender is involved.

Permanent Loan Programs

CalHFA's Taxable, Tax-Exempt, or CalHFA funded Permanent Loan programs provide competitive long-term financing for affordable multifamily rental housing projects. Eligible projects include newly constructed or acquisition/rehabilitation developments that provide affordable housing opportunities for individuals, families, seniors, veterans, and special needs tenants.

Tax-Exempt Permanent Loan Termsheet
Taxable Permanent Loan Program Termsheet

Conduit Issuer Program

The CalHFA Conduit Issuer Program ("Conduit Program") is designed to facilitate access to tax-exempt and taxable bonds by developers that seek financing for eligible projects that provide affordable multifamily rental housing for individuals, families, seniors, veterans or special needs tenants. The conduit bonds may be used to finance the acquisition, rehabilitation, and/or development of an existing project, or they can be used for the construction of a new project.

Conduit Issuer Termsheet

Bond Recycling Program

The CalHFA Bond Recycling Program is designed to preserve and recycle prior year(s) tax-exempt private activity bond volume cap that would otherwise expire upon repayment of construction period financing (resulting in redemption of bonds) to be accessed by developers that seek construction and/or rehabilitation financing for eligible projects that provide affordable multifamily rental housing for individuals, families, seniors, veterans or special-needs tenants. The use of these recycled bonds will reduce the need for current year private activity bond volume cap managed by the California Debt Limit and Allocation Committee (CDLAC).

Bond Recycling Termsheet