California Housing Finance Agency

What California Housing Finance Agency does

California Housing Finance Agency (CalHFA) is a self-supported state housing finance agency chartered by California in 1975 to advance affordable homeownership and rental housing. The agency operates two principal business lines: a Single Family Lending Division that provides first mortgage financing (Conventional, FHA, USDA, VA) to first-time homebuyers paired with subordinate down payment assistance products such as the Dream For All Shared Appreciation Loan (up to 20% of purchase price), MyHome Assistance, the Forgivable Equity Builder Loan, and the new UC Shared Appreciation Loan; and a Multifamily Lending Division that finances affordable rental housing through tax-exempt and taxable Permanent Loan Programs, a Conduit Issuer Program, Bond Recycling, and the Mixed-Income Program (created under SB2 in 2017). Since inception CalHFA has helped more than 233,000 homebuyers and financed or preserved more than 85,000 rental housing units, with $43.5 billion in cumulative first mortgage financing.

CalHFA generates revenue through bond issuance, loan origination fees, servicing rights, interest rate spreads, and administration of state and federal housing resources (including National Mortgage Settlement funds and disaster relief). It does not accept consumer applications directly; instead, programs are distributed through a network of CalHFA-approved lenders, Preferred Loan Officers, HUD-certified housing counselors (50 agencies, 417 counselors), and direct developer relationships. Loan servicing is handled by partner servicers including Lakeview Loan Servicing, Dovenmuehle Mortgage, Mr. Cooper, Guild Mortgage, and Wells Fargo. The proprietary technology layer consists of the Mortgage Access System (MAS), an internal lender portal for loan reservations, rate locks, and compliance review, plus consumer portals for Dream For All and subordinate loan servicing. The agency recently achieved its highest-ever credit ratings (AA+ from S&P, Aa1 from Moody's) and is now operating under the California Housing and Homelessness Agency umbrella following a state reorganization of housing finance.

Name

California Housing Finance Agency

Legal name

California Housing Finance Agency

Website

https://calhfa.ca.gov

Company type

Private

Founded year

1975

Operating status

Operating

Headcount range

101–250 employees

Short description

California Housing Finance Agency (CalHFA) is a self-supported state housing finance agency established in 1975 that provides first mortgage loans, down payment assistance, and multifamily rental financing to low- and moderate-income Californians through approved lenders and developer partnerships.

Ownership category

akta.pro rank

Product category

Affordable Housing Finance

NAICS

Administration of Housing Programs (92511), Mortgage and Nonmortgage Loan Brokers (52231)

SIC

Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro primary industry

State & Local Housing Finance Agencies (HFAs) (FSALAKAA)

akta.pro secondary industries

Down Payment Assistance (DPA) & Homebuyer Subsidy Programs (FSALAKAE), Affordable Rental & Multifamily Housing Finance Programs (LIHTC/Tax Credits/Subsidized Loans) (FSALAKAF), Affordable Housing / Down Payment Assistance (DPA) Mortgage Origination (FSALAAAM), Government-Insured/Guaranteed Loan Servicing (FHA/VA/USDA) (FSALAEAC)

Keywords

• Affordable housing finance
• Mortgage lending programs
• Down payment assistance
• Multifamily financing
• Tax-exempt bond issuance

Headquarters

HQ city

Sacramento

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Bond Issuance: CalHFA issues tax-exempt and taxable bonds to finance affordable housing. The agency acts as a bond issuer for multifamily developments and conduit issuer for other lenders. Bond financing generates ongoing revenue through loan servicing and interest income.
2. First Mortgage Lending: CalHFA provides first mortgages to first-time homebuyers through its Single Family Lending Division. Loans are sold on the secondary market or held in portfolio. Revenue generated through origination fees, servicing rights, and interest rate spreads.
3. Subordinate Financing Programs: CalHFA provides down payment assistance through subordinate loans (silent seconds) including the Dream For All Shared Appreciation Loan. These loans generate revenue through shared appreciation participation and interest.
4. Program Administration: CalHFA administers state and federal resources on behalf of California, including National Mortgage Settlement funds, disaster relief programs, and housing counseling programs. Agency operates as a self-supported state entity not relying on taxpayer dollars.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels8 records

Core offering

CalHFA delivers affordable housing finance through first mortgage loans to first-time homebuyers (Conventional, FHA, USDA, VA), down payment assistance programs including shared appreciation and forgivable subordinate loans, and multifamily rental housing financing via tax-exempt and taxable bond issuance. The agency also administers special programs such as Section 811 rental assistance for people with disabilities, the CalAssist Mortgage Fund for disaster relief, the NMS Housing Counseling Program, and the Black Homeownership Initiative.

Product overview

CalHFA operates as a self-supported state housing finance agency offering a comprehensive suite of homeownership and multifamily housing finance products. The Single Family Lending Division provides first-time homebuyers with first mortgage loans (Conventional, FHA, USDA, VA) paired with down payment assistance programs including the Dream For All Shared Appreciation Loan (up to 20% down payment assistance for first-generation buyers), MyHome Assistance Program, and the Forgivable Equity Builder Loan. The Multifamily Lending Division finances affordable rental housing through Permanent Loan Programs (Tax-Exempt, Taxable), the Conduit Issuer Program, Bond Recycling Program, and the Mixed-Income Program (MIP). CalHFA also administers special programs including Section 811 rental assistance for people with disabilities, the NMS Housing Counseling Program, disaster relief through CalAssist Mortgage Fund, and equity initiatives like the Black Homeownership Initiative. Programs are delivered through a network of approved lenders, with servicing handled by partners including Dovenmuehle, Mr. Cooper, Guild Mortgage, and Wells Fargo.

Differentiator

Problem solved

Functional benefit

Brands

• Dream For All: Down payment assistance program offering up to 20% of home purchase price for first-generation homebuyers
• Mixed-Income Program (MIP)
• Section 811 Rental Assistance Program
• Building Black Wealth

Products and services

• Dream For All Shared Appreciation Loan Program Down payment assistance program offering first-generation homebuyers up to 20% of the home purchase price or appraised value through a shared appreciation loan. No monthly payments are required; repayment is deferred until sale, refinance, or payoff, and includes a share of property appreciation capped at 2.5x original principal.
• MyHome Assistance Program Down payment and closing cost assistance subordinate loan for first-time homebuyers with income below 80% AMI. Principal balance reduces 20% annually over five years and is fully forgiven if the homeowner remains in the property and does not default on the first mortgage.
• CalHFA Conventional Loans Conventional first mortgage loan programs for first-time homebuyers, offered in combination with CalHFA's MyAccess down payment assistance through approved lenders.
• CalHFA Government Loans Government-backed first mortgage programs including FHA, USDA, and VA loans for eligible first-time homebuyers, available through CalHFA-approved lenders.
• CalHFA Conventional Refinance Program Refinance program for existing CalHFA conventional loan borrowers to potentially lower their interest rates or modify their loan terms.
• Forgivable Equity Builder Loan Forgivable down payment assistance loan for first-time homebuyers with income below 80% AMI. Principal balance reduces by 20% each year over a five-year period and is fully forgiven if the borrower remains in the home and does not default on the first mortgage.
• UC Shared Appreciation Loan Program Employer-based shared appreciation down payment assistance program developed in partnership with UC Santa Cruz to expand homeownership opportunities for eligible UC Santa Cruz employees.
• CalAssist Mortgage Fund Program Mortgage relief program for disaster-affected homeowners providing one year of mortgage assistance for those impacted by natural disasters including California wildfires.
• Permanent Loan Programs (Multifamily) Taxable, tax-exempt, and CalHFA-funded permanent loan programs providing competitive long-term financing for affordable multifamily rental housing. Eligible projects include newly constructed or acquisition/rehabilitation developments serving individuals, families, seniors, veterans, and special needs tenants.
• Conduit Issuer Program Program facilitating access to tax-exempt and taxable bonds by developers seeking financing for eligible affordable multifamily rental housing projects. Conduit bonds may finance acquisition, rehabilitation, and/or development of existing projects or construction of new projects.
• Bond Recycling Program Program preserving and recycling prior year tax-exempt private activity bond volume cap that would otherwise expire. Used by developers seeking construction and/or rehabilitation financing for affordable multifamily housing, with specific termsheets for San Diego and San Francisco markets.
• Mixed-Income Program (MIP) Long-term subordinate financing for new construction affordable multifamily developments throughout California with units restricted at income levels between 30% and 120% of Area Median Income. Created under 2017's Senate Bill 2 (Building Homes and Jobs Act); 2026 program expected to produce 1,768 units using $63 million in MIP subsidy loans.
• Section 811 Rental Assistance Program State-administered program funded by HUD providing project-based rental assistance for extremely low-income people with disabilities. Supports housing paired with critical supportive services for Medicaid beneficiaries ages 18-61 transitioning from long-term care facilities or who are homeless or at risk.
• NMS Housing Counseling Program California's National Mortgage Settlement program allocating $300 million ($122.7 million to housing counseling) for HUD-certified housing counselors to provide free, confidential counseling services to California residents in danger of eviction or foreclosure. Has served 100,954 households and distributed $114.2M through 50 active counseling agencies and 417 active counselors as of 09/30/2025.
• Black Homeownership Initiative (Building Black Wealth) CalHFA equity initiative to increase Black homeownership in California through educational materials, video series on housing discrimination history (Homestead Acts, Redlining, Predatory Lending, Fair Housing Acts), and connections to free housing counseling and down payment assistance resources.
• Mortgage Access System (MAS) Internal web portal for CalHFA-approved lenders to reserve loans, lock interest rates, submit loan files for compliance review, and track loan status. Available 6:00 a.m. to 11:59 p.m. PT seven days a week for reservations.

Quantifiable outcome

• 233,000+ low- and moderate-income homebuyers helped since 1975
• +4 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature3 records

Partnerships

14 partnerships are on record, tiered core and minor.

• State of California Business, Consumer Services and Housing Agency (BCSH)coreStrategic or Co-development PartnerCalHFA operates under the BCSH Agency umbrella. The agency is part of California's state housing finance ecosystem working to address housing policy goals.
• California Department of Housing and Community Development (HCD)coreStrategic or Co-development PartnerCalHFA collaborates with HCD on housing initiatives including the Mixed-Income Program (created under SB2) and various affordable housing financing programs.
• California Tax Credit Allocation Committee (CTCAC)coreStrategic or Co-development PartnerCalHFA partners with CTCAC for affordable housing development, requiring development financing from state housing agencies for projects receiving rental assistance.
• U.S. Department of Housing and Urban Development (HUD)coreStrategic or Co-development PartnerCalHFA received $8 million in Section 811 funding from HUD to support affordable housing with supportive services for vulnerable Californians with disabilities.
• California Department of Health Care Services (DHCS)coreStrategic or Co-development PartnerDHCS partners with CalHFA on the Section 811 Project Rental Assistance Program to provide Medicaid-funded supportive services to program beneficiaries.
• California Department of Developmental Services (DDS)coreStrategic or Co-development PartnerDDS partners with CalHFA on Section 811 program for individuals with developmental disabilities transitioning from institutional care to community living.
• Fannie MaecoreStrategic or Co-development PartnerCalHFA partners with Fannie Mae for first mortgage financing. Fannie Mae provides disaster recovery assistance for homeowners affected by California wildfires.
• Lakeview Loan ServicingcoreChannel Partner/ Reseller/ DistributorLakeview serves as CalHFA's master servicer for first mortgages, handling loan servicing, funding, and purchase of loans from originating lenders.
• Dovenmuehle Mortgage Inc. (DMI)coreChannel Partner/ Reseller/ DistributorDMI services CalHFA first mortgages that were transferred from CalHFA, handling payments and loan administration for homeowners.
• California Housing and Homelessness AgencycoreStrategic or Co-development PartnerCalHFA and sister agencies are moving into a new era under the umbrella of the California Housing and Homelessness Agency, a reorganization of state housing finance.
• California ForwardminorOthersNonprofit policy advocacy organization that prepared a report on shared appreciation for the California State Treasurer's Office, validating Dream For All program savings.
• NeighborWorks AmericacoreStrategic or Co-development PartnerNational nonprofit organization providing approved homebuyer education and counseling services that CalHFA requires for first-time homebuyers.
• eHome AmericacoreChannel Partner/ Reseller/ DistributorApproved online homebuyer education provider offering the only CalHFA-accepted online course with one-on-one counseling follow-up.
• California Dream For All Program RecipientsminorOthersAs homeowners sell their homes, the state recovers down payment plus proportionate share of appreciation and recycles funds to assist more homebuyers, creating a sustainable cycle.

Scale indicators17 records

Recent moves6 records

Expansion highlights10 records

Broad incumbents

• Fannie Mae: Federal government-sponsored enterprise that purchases and securitizes mortgages, including CalHFA's loans on the secondary market. Operates broadly across the U.S. housing finance system rather than specializing in affordable housing finance.
• Freddie Mac: Federal government-sponsored enterprise providing liquidity to the mortgage market, including affordable housing programs. Serves as a counterparty and secondary market outlet comparable to CalHFA's lender network.
• U.S. Department of Housing and Urban Development (HUD): Federal housing agency that funds Section 811 (a CalHFA-administered program), FHA mortgage insurance, and broader housing policy. Operates at federal scale overlapping with CalHFA's affordable housing finance mandate.

Direct peers

• Florida Housing Finance Corporation: Florida's state housing finance agency issuing bonds to finance affordable multifamily developments and providing first mortgage and down payment assistance programs. Operates as a self-supported state entity with a similar charter to CalHFA.
• Illinois Housing Development Authority: Illinois's state housing finance authority providing homeownership financing, down payment assistance, and multifamily bond issuance. Comparable structure to CalHFA including self-supported bond-funded model.
• Pennsylvania Housing Finance Agency: Pennsylvania's state housing finance agency offering HFA Preferred first mortgage programs, down payment assistance, and multifamily financing. Closely mirrors CalHFA's structure of first mortgages layered with subordinate DPA.
• Ohio Housing Finance Agency: Ohio's state housing finance agency providing first mortgage programs, down payment assistance (including grants), and financing for affordable rental housing. Directly comparable product portfolio to CalHFA.
• New York State Homes and Community Renewal: New York's consolidated housing finance and community development agency offering single-family mortgage programs, multifamily financing, and down payment assistance. Closest large-state analog to CalHFA's combined single-family and multifamily mandate.
• Texas Department of Housing and Community Affairs: Texas's state housing finance agency administering single-family mortgage programs, multifamily development financing, and down payment assistance—directly comparable to CalHFA's mandate and product mix, just in a different state.
• MassHousing (Massachusetts Housing Partnership): Massachusetts's state-affordable housing finance agency providing mortgage financing for first-time homebuyers and financing for affordable rental developments. Comparable in scale, mission, and bond-funded operating model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/calhfa
• YouTubeyoutube.com/calhfa
• Facebookfacebook.com/calhfa
• LinkedInlinkedin.com/company/california-housing-finance-agency
• Instagraminstagram.com/calhfa

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about California Housing Finance Agency