California expands affordable housing with 2319 new units and new mortgage assistance program

California's housing landscape is set for a significant boost as the California Housing Finance Agency (CalHFA) announced the preliminary awards for 2025, which will facilitate the construction of 2,319 new mixed-income affordable housing units. This initiative is particularly impactful, with 1,000 of these units slated for Los Angeles County, addressing the urgent need for housing in areas affected by recent disasters.

During the CalHFA General Board Meeting held on May 22, 2025, board members discussed the changes made to the criteria for the Mixed-Income Program (MIP) to better accommodate the needs of communities recovering from natural disasters, particularly wildfires in Southern California. The board expressed enthusiasm about the potential for these new developments to contribute to the rebuilding efforts in the region.

In addition to the MIP updates, the meeting highlighted the upcoming launch of the Calesis mortgage assistance program, designed to support victims of disasters across California. A launch event is scheduled for June 5 in Altadena, inviting community members and stakeholders to learn more about the program's benefits.

CalHFA also celebrated its eighth consecutive award for its annual comprehensive financial report, recognizing the agency's commitment to transparency and effective financial practices. This accolade underscores the importance of clear financial reporting in maintaining the agency's credibility and facilitating bond issuances.

As the agency prepares for a busy conference season, discussions at recent events have focused on policy changes and the challenges facing the housing market. CalHFA aims to expand its multifamily lending capabilities beyond traditional frameworks, ensuring that it can effectively address the diverse housing needs of Californians.

These developments signal a proactive approach by CalHFA to enhance affordable housing availability and support communities in recovery, reinforcing the agency's role as a key player in California's housing strategy.