The CalHFA Mixed-Income Program (MIP), which is making approximately $180 million in financing available for 2020, has been updated and the
termsheet
and other documents can now be found on the
MIP section
of the CalHFA website.
The program uses funds from SB 2 (the Building Homes and Jobs Act) and AB 101 (the State Budget Housing Trailer Bill) to provide competitive, long-term subordinate financing to incentivize the construction of new rental housing developments that are affordable for a mix of incomes between 30% and 120% of the Area Median Income (AMI).
CalHFA has made several program updates for 2020, most notably that the program is switching to an over-the-counter model. Visit
key dates
for additional information.
Also, there will no longer be a list of preferred lenders. Instead, MIP can be used in conjunction with CalHFA’s Permanent Loan program or with an outside lender that meets CalHFA’s qualifications, which are available on the termsheet.
Thank you for your continued partnership with CalHFA.
