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HOUSING: CalHFA joins affordable housing finance initiative

HOUSING: CalHFA joins affordable housing finance initiative

The California Housing Finance Agency (CalHFA) has joined a new federal initiative to preserve and increase affordable housing, according to a press release Monday.

As a result of the initiative, the U.S. Treasury and the Department of Housing and Urban Development will partner with creditworthy Housing Finance Agencies to provide capital at lower interest rates for affordable housing and multifamily construction projects or rehab work.

The fixed-rate loans, at 2.0 to 2.75 percent interest over the 10-year Treasury rate, will be underwritten by CalFHA, based on pre-approved underwriting standards. CalHFA expects to preserve more than 700 units, and increase the availability of affordable housing through 2016 through the program.

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Press Enterprise : Real Estate