The California Housing Finance Agency (CalHFA) is an independent California state agency that focuses on helping increase the amount of affordable housing in California. CalHFA does this by issuing bond-backed home loans, multifamily loans and assistance to multifamily developers. CalHFA is also part of the FHA-HFA Multifamily Risk Sharing Program, which allows state HFAs that meet rigorous financial standards to underwrite FHA multifamily loans in return for sharing the risk of losses on those loans.

The California Housing Finance Agency (CalHFA) offers bond-backed home loans, multifamily loans and assistance to multifamily developers. CalHFA is also part of the FHA-HFA Multifamily Risk Sharing Program, which allows state HFAs that meet rigorous financial standards to underwrite FHA multifamily loans in return for sharing the risk of losses on those loans. In the state of California, CalHFA offers several types of lending options, including:

• Conventional apartment loans
• Fannie Mae apartment financing
• Freddie Mac apartment financing
• FHA/HUD financing
• Mezzanine financing
• CMBS Loans
• Apartment construction loans

You can apply for financing through the California Housing Finance Agency (CalHFA) by finding an FHA licensed lender. According to the National Council on State Housing Agencies (NCSHA), the FHA-HFA Multifamily Loan Risk-Sharing Program “allows state HFAs that meet rigorous financial standards to underwrite FHA multifamily loans in return for sharing the risk of losses on those loans.” CalHFA is one of those agencies.

In order to be eligible for financing through the California Housing Finance Agency (CalHFA), a project must:

• House 20 or more residents
• Provide ongoing medical care for long-term patients
• Be licensed by the appropriate municipal or state organization/agency
• Have been constructed least three years ago, though newer property additions are allowed, as long as they are smaller than the original structure
• Have no more than 20% of the project's gross area or gross income devoted to/derived from non-resident day care
• Have no more than 25% of all units designated as independent living units
• Have no more than 20% of the gross floor space filled and no more than 20% of the property's income derived from commercial tenants

The California Housing Finance Agency (CalHFA) offers a variety of benefits to borrowers looking for financing for multifamily properties. These benefits include:

• Non-recourse financing
• Leverage up to 80%, with up to 75% for cash-out refinances
• Long amortizations with lots of flexibility
• Low rates
• Plethora of loan types, including specialized loans for affordable/LIHTC properties, senior living facilities, cooperative apartments, student housing, and more