Habitat for Humanity International, Americus, Ga., has joined forces with the California Housing Finance Agency, Sacramento, to establish a loan purchase program designed to create homeownership opportunities for more Californians.Under the CalHFA Habitat for Humanity Loan Purchase Program, CalHFA has authorized the expenditure of up to $5 million for the purchase of first mortgages originated by Habitat for Humanity affiliates in California. The affiliates will use the capital from those sales to build additional affordable housing in the state, the organizations said. "California's Habitat affiliates participating in this program could greatly increase their building capacity and produce even more affordable housing in a state where it is greatly needed," said Stephen Seidel, Habitat's director of urban programs. The program will enable the Habitat affiliates to leverage their resources by giving them immediate access to funds they would normally collect over the life of the mortgages. The organizations can be found online at http://www.habitat.org and http://www.calhfa.ca.gov.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry