California Housing Finance Agency (CalHFA) said its bond recycling program has steadily gathered interest from local government partners, as well as affordable housing developers, leading to an announcement of local partnerships with San Diego and San Francisco.
These partnerships, with the cities of San Diego and San Francisco, combined with the recent use of nearly $50 million recycled bonds to finance a pair of affordable housing developments, constitute a large ramp-up of CalHFA’s bond recycling activities, it said. This first-of-its-kind-in-California program provides an option for additional financing to address the state’s affordable housing crisis.
“CalHFA’s bond recycling program is an innovative approach to provide essential financing to support the creation and preservation of affordable housing in the City of San Diego and statewide,” said Richard C. Gentry, president and CEO of the San Diego Housing Commission. “The San Diego Housing Commission is pleased to be among the first agencies in the state to collaborate with CalHFA on this important program.”
