California Residence

The California Housing Finance Agency (CalHFA), established in 1975, is a California state agency within the California Business, Consumer Services and Housing Agency that makes low-rate loans through the sale of taxable and tax exempt bonds. CalHFA was created by the Zenovich, Moscone, Chacon Housing and Home Finance Act of 1975, which also permanently established and reorganized the California Department of Housing and Community Development. Known until 2002 as CHFA (commonly pronounced "cha-fuh"), CalHFA was rebranded "to keep pace with our expanding audience and the growing needs of the affordable housing marketplace" and "to elevate CalHFA’s profile on all key fronts."Historically, CalHFA has provided housing assistance in three areas: below-market interest rate mortgages and downpayment assistance for first-time homebuyers, most of whom were low- and moderate income families and ethnic minorities not well-served by market rate products, insurance for single-family home purchase mortgages, and loans for the development of multifamily rental housing.  Source