Multi-Family Financing
Program Overview
GSFA Multi-Family Housing Bond Program
Financing and Resources to Develop Low-and Moderate-Income Housing
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.
Program Goals
- Increase and/or preserve the supply of affordable rental housing for low-to-moderate income individuals and families in California
- Encourage and support revitalization of communities and neighborhoods, while retaining quality living environments for residents
Projects Financed
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.
Application Process
Developers and public agencies interested in financing a project with bonds issued by GSFA must complete the following documents for the proposed project(s):
- GSFA Multi-Family Housing Bond Program - Section 1 General Information
- GSFA Multi-Family Housing Bond Program - Section 2 Application (fillable form)
- GSFA Multi-Family Housing Bond Program - Section 3 Fees and Expenses
- GSFA Multi-Family Housing Bond Program - Section 4 Program Guidelines
- GSFA Multi-Family Housing Bond Program - Section 5 Post-Issuance Compliance Procedures for Tax-Exempt Bonds (Multi-Family Housing)
Send Completed Applications to:
Golden State Finance Authority
1215 K Street, Suite 1650
Sacramento, CA 95814
Together We Can Make a Difference
To-date, GSFA issued 164 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 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
Renovated