The Multi-Family Housing Bond (Multi-Family Financing) Program utilizes funds generated from the sale of taxable and/or tax-exempt bonds to make low-interest-rate loans to non-profit and for-profit developers and/or public agencies.
The funds can be for acquisition, construction, reconstruction and/or rehabilitation of qualified multi-family rental housing developments. Developers and agencies are required to set aside a certain percentage of the units for persons and/or families of low- and moderate-income.
Developers and public agencies interested in financing a project with bonds issued by GSFA must complete the following documents for the proposed project(s):
Golden State Finance Authority
1215 K Street, Suite 1650
Sacramento, CA 95814
Over the past five years, GSFA issued $164 million in mortgage revenue bonds for multi-family housing. The bonds were issued to finance the acquisition and/or renovation of rental housing for low-and moderate-income families. GSFA also provided $3.2 million in private loan financing to bridge gaps in funding and help projects reach feasibility.
Several projects have focused on affordable housing for seniors. One such project was the acquisition and rehab of an existing senior community apartment complex “Seasons at Simi Valley Apartments,” located in Ventura County. GSFA participated in financing the acquisition of the 69-unit property as well as $10,000 in renovations for each unit. Of the units, 100% were set aside for seniors with incomes at or below 50% - 60% of the Area Median Income.
in Mortgage Revenue Bonds Issued
in Private Loan Financing Provided by GSFA