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California Housing and Emergency Shelter Trust Fund

Proposition 46 also called the Housing and Emergency Shelter Trust Fund Act of 2002 is a California-approved, $2.1 billion dollar bond measure. It provides funds for the construction, rehabilitation and preservation of affordable rental housing, emergency shelters and homeless facilities. Funds can be used to provide down payment assistance to low and moderate-income first-time homebuyers. Seniors, families with children, teachers, disabled persons, veterans and working people will benefit from the bond.

The Legislative Analyst Office accurately outlines the use of Proposition 46 funds according to the four types of programs it fund as follows:

Multifamily Housing Programs ($1.11 Billion). This measure funds a variety of housing programs aimed at the construction of rental housing projects, such as apartment buildings. These programs generally provide local governments, non-profit organizations, and private developers with low-interest (3 percent) loans to fund part of the construction cost. In exchange, a project must reserve a portion of its units for low-income households for a period of 55 years. This measure gives funding priority to projects in already developed areas and near existing public services (such as public transportation).

Homeownership Programs ($405 Million). A number of the programs funded by this measure encourages homeownership for low- and moderate-income homebuyers. Most of the funds can be used to provide downpayment assistance to homebuyers through low-interest loans or grants. Typically, eligibility for this assistance are based on the household s income, the cost of the home being purchased, and whether it is the household s first home purchase.

Farmworker Housing ($200 Million). These funds are be used to provide loans and grants to the developers of housing for farmworkers. Program funds are used for both rental and owner-occupied housing.

Other Programs ($385 Million). Additional funds are allocated for the construction of homeless shelters, payments to cities and counties based on their approval of housing units, provision of mortgage insurance for high-risk homebuyers, and capital needs of local code enforcement departments.

HOUSING PRIMER

Permanent Modifications on Fannie Mae and Freddie Mac Loans Reach 1.1 Million

Fannie Mae and Freddie Mac completed more than 2.1 million foreclosure prevention actions since the start of conservatorship including 1.1 million permanent loan modifications. These actions, designed to help borrowers stay in their homes, are detailed in the Federal Housing Finance Agency’s fourth quarter 2011 Foreclosure Prevention and Refinance Report. The report also shows that after nine months, fewer than 20 percent of Enterprise loans modified in the four quarters ended March 31, 2011, had missed two or more payments, an improvement over prior years.

With this report, FHFA releases new state data sets and launches an interactive Fannie Mae and Freddie Mac State Borrower Assistance Map, showing the number of loans owned or guaranteed by Fannie Mae and Freddie Mac, delinquencies, foreclosure prevention activities, Real Estate-Owned (REO) properties, and refinances in each state. In addition, the report now includes a graphic showing Delinquent Loans by State and Profiles of Key States, with detailed information about states with the biggest five-year decline in house prices and the highest number and rate of seriously delinquent loans.

Also in the report:

  • The Enterprises’ cumulative HARP refinancings increased 10 percent in the fourth quarter of 2011.
  • Half of all borrowers who received loan modifications in the fourth quarter had their monthly payments reduced by over 30 percent, and one-third included principal forbearance.
  • Serious delinquency rates for Fannie Mae and Freddie Mac loans remain below industry levels and continue to decline.
  • Florida had the highest number of serious delinquencies at the end of the fourth quarter.
  • California had the largest number of completed foreclosure prevention actions since the beginning of conservatorship in 2008.
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