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CalHFA Multifamily announces new permanent financing program.

The California Housing Finance Agency (CalHFA), Sacramento, California, announced the first of several new initiatives to make it easier for developers to finance rental apartments for low- to moderate-income Californians. The lending products will be offered through CalHFA's Multifamily Division.

CalHFA's new 30/15 Permanent Financing Program will allow developers to pay off the CalHFA loans after 15 years. While in the past, borrowers were locked into the loan for the full 30-year term, the new flexibility is in addition to the traditional CalHFA benefits, according to Theresa Parker, CalHFA executive director.

"CalHFA Multifamily is taking the lead by creating new and reconstructing existing programs to meet the growing needs of affordable housing," said Parker. "The new program will give builders and developers more flexibility with their loans, and encourage them to create more affordable housing."

The 30/15 Permanent Financing Program will provide 30-year, fully amortized permanent loans for new multifamily construction, acquisition and rehabilitation of existing multifamily housing projects. The goal is to encourage nonprofit and for-profit developers to build more affordable-housing projects, explained Parker.
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Title Annotation:California Housing Finance Agency
Publication:Mortgage Banking
Article Type:Brief article
Geographic Code:1U9CA
Date:Jul 1, 2006
Words:177
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