Multifamily lending policies revised with underserved Veterans in mind
SACRAMENTO, Calif.–(BUSINESS WIRE)–#affordablehousing–The California Housing Finance Agency has taken steps to help more
California Veterans find an affordable place to call home.
As a result of recent policy revisions, CalHFA will give underwriting
and processing priority to CalHFA-financed multifamily developments that
include affordable units restricted for Veterans. CalHFA will also now
require developments receiving CalHFA subsidy funding to provide a
housing preference to men and women who have served in any branch of the
United States military.
CalHFA made the revisions to ensure its affordable housing programs are
adequately serving the broadest range of California’s Veterans and
complementing the state’s Veterans Housing and Homelessness Prevention
Program (VHHP). Through collaboration between the California Department
of Veteran Affairs (CalVet), California Department of Housing and
Community Development, and CalHFA, VHHP was established
to assist Veterans and their families experiencing homelessness find and
maintain housing stability.
“I’m pleased that CalHFA has made these changes to make affordable
housing available to the broadest range of Veterans possible, especially
Veterans living in rural areas and women,” said CalVet Secretary Dr.
Vito Imbasciani. “I am pleased these revisions complement VHHP and
demonstrate how collaborative approaches improve access to affordable,
stable housing options for more Veterans.”
The VHHP program has focused on chronically homeless Veterans. CalHFA
subsidy funds will become available to finance affordable housing for
all Veterans, including women Veterans and their families or Veterans
living in California’s rural communities. In comparison to Veterans
living in urban communities, Veterans in rural areas have different
needs and often fewer housing options, while female Veterans and their
children increasingly comprise more of the homeless Veteran population
throughout the nation.
CalHFA’s low-cost financing is complementary to VHHP and may provide
another option for Veterans’ housing where VHHP is not available.
Additionally, CalHFA financing may be applied for at any time.
“We are proud to support our brave individuals who served our country,”
said CalHFA Executive Director Tia Boatman Patterson. “Our work is not
done until every Veteran has a place to call home.”
About the California Housing Finance Agency
The California Housing Finance Agency was created in 1975 with the goal
of helping more Californians find a place to call home. CalHFA’s
Multifamily Division has invested more than $3 billion for the
construction and preservation of more than 44,000 affordable rental
housing units to assist very low and low income Californians. CalHFA is
a self-supported state agency that doesn’t rely on taxpayer dollars. For
more information on Multifamily loan finance programs and the full
complement of CalHFA programs, visit www.calhfa.ca.gov
or call toll free 877.9.CalHFA (877.922.5432).