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CalHFA Multifamily Loan Finance Programs Division

Provides permanent financing for the acquisition, rehabilitation and preservation of existing rental housing, as well as the new construction of rental housing. CalHFA-financed affordable units are targeted to low and moderate-income families and individuals in California. Through its subdivision Specific Multifamily Programs, it also offers development information including lending programs, financing terms, loan application forms and processing requirements.

CalFHA establishes partnerships with city and county officials, local housing agencies, affordable housing developers, construction lenders and other housing sponsors to develop and deliver its programs. This collaborative approach helps expand housing opportunities by maximizing the financial resources available to support the State s housing needs.

The division offers information on:

  • Multifamily Programs
  • Construction Loan Program
  • HUD Section 202 Refinancing Program
  • Loan to Lender Program
  • Permanent Financing Program
  • Predevelopment Finance Program
  • Preservation & Acquisition Finance Program (Prop. 46)
  • Special Financing Needs
  • Tax Exempt Bridge Financing Program
  • Multifamily Asset Management and Affordable Rental Housing Developments.

If you are interested in a partnership Multifamily Finance Division call 916.322.5123 or visit www.calhafa.ca.gov.

HOUSING PRIMER

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

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