Printer Friendly

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.
COPYRIGHT 2006 Mortgage Bankers Association of America
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:California Housing Finance Agency
Publication:Mortgage Banking
Article Type:Brief article
Geographic Code:1U9CA
Date:Jul 1, 2006
Previous Article:Apartment market tightens nationally.
Next Article:Silver Hill boosts maximum loan amount for commercial lending.

Related Articles
BIG Competition.
California dreamin'.
CalHFA's battle with high prices: the California Housing Finance Agency is fighting horrendously high state housing prices with new products.
Schwarzenegger signs three CA homeowner-protection bills.
Richard G. Tappen has been named senior managing director of First National of America Inc. in Basking Ridge, New Jersey.
Fannie Mae has 'best year ever' in multifamily during 2007.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters