CalHFA to Boost AH Funding 'Dramatically'

The California Housing Finance Agency has announced the adoption of a $12.5 billion, five-year business plan that will "dramatically increase" its investment in affordable housing and other housing-related activities.CalHFA said it plans to lend more than $6.76 billion over the next five years for the purchase of single-family homes, including downpayment assistance and self-help builders' assistance. The plan also calls for the provision of $3.5 billion in mortgage insurance, over $1.9 billion for new construction, and $1.1 billion in new affordable multifamily rental units, the agency said. CalHFA's expansion was made possible by voter approval last year of Proposition 46, the Housing and Emergency Shelter Trust Fund Act, which authorized $2.1 billion for state housing programs. The agency said this is "the largest investment in housing support by any state in history." The agency can be found online at http://www.calhfa.ca.gov.