CA Agencies Tout New AH Alliance

An additional $100 million of lending to low- and moderate-income families for affordable housing has been made available in Los Angeles and Orange counties by two California housing finance agencies.The "historic" agreement was announced by the California Housing Finance Agency (the state's affordable housing bank) and the Southern California Home Financing Authority (the state's largest local user of single-family mortgage revenue bonds). "For too long, working families have been squeezed out of the Southern California housing market because their income was either too low or too high to qualify for first-time homebuyer loans at below-market interest rates," said Theresa Parker, executive director of CalHFA. "This unique partnership between our two entities will allow income limits to be adjusted and interest rates lowered, thereby expanding the sphere of affordable housing within their reach." CalHFA can be found online at http://www.calhfa.ca.gov.