The California Housing Finance Agency (CalHFA) has partnered with Habitat for Humanity to authorize additional funding of up to $5 million for the purchase of homeownership first mortgages originated by Habitat for Humanity affiliates in California.
The partnership enables California Habitat for Humanity affiliates to better leverage existing resources and generate more funds, enabling them to build more affordable homes that are urgently needed throughout the state, CalHFA says.
This agreement is the third offering since the December 2005 launch of the CalHFA Habitat for Humanity Loan Purchase Program. The influx of capital to these California Habitat affiliates provides immediate access to funds they normally would collect over the life of the mortgages, thus increasing their current building production capacity.