Monday, July 28, 2014
PLACERVILLE, CALIFORNIA
99 CENTS

HCD announces full deployment of Golden State Acquisition Fund

By
From page HS20 | May 02, 2014 |

SACRAMENTO — The Golden State Acquisition Fund has deployed $105 million for the creation and preservation of affordable and senior housing throughout California, just over a year after its launch.

The GSAF loans have supported 18 projects across the state and created or preserved more than 1,490 housing units. GSAF was established with $23 million in seed funding from the California Department of Housing and Community Development and has leveraged this money into a $93 million revolving pool of capital. These funds were made available through the Housing and Emergency Shelter Trust Fund Act of 2006, also known as Proposition 1C.

“A portion of the funds from Proposition 1C was set aside for innovative programs exactly like this one,” said Randall Deems, acting director of HCD. “The Golden State Acquisition Fund demonstrates the benefits of partnership in innovation. It’s a model that works creatively and quickly, which is a great combination.”

The state funds are combined with private capital from a consortium of seven nonprofit community development financial institutions. The consortium partners include Century Housing Corporation, Corporation for Supportive Housing, Enterprise Community Loan Fund, Local Initiatives Support Corporation, the Low Income Investment Fund, Northern California Community Loan Fund, and Rural Community Assistance Corporation. The Low Income Investment Fund is the program’s administrative agent.

Here’s an example of how the public/private partnership works: Mountain Breeze Villas is an existing market rate 168-apartment multifamily development with unrestricted rents that will be recapitalized with 4 percent tax credits and various funds from San Bernardino County. In October 2013, Alliance Property Group acquired Mountain Breeze Villas with a GSAF loan through Century. The recapitalization will be the first transaction to get financing from the California Housing Finance Agency through their Preservation Loan Program, and residents will see a slight reduction in rent due to the long-term affordability secured through this transaction.

“The Golden State Acquisition Fund is a vital resource that assists developers in lowering the cost to develop new and preserve existing affordable homes throughout California. This would not be possible without HCD’s willingness to provide the necessary risk capital in the fund,” said Aaron Wooler, senior vice president of Lending for Century Housing.

“GSAF is filling a much needed gap in financing for affordable housing in California. In its capacity as the program’s administrative agent, the Low Income Investment Fund has seen how the flexibility and structure of GSAF has enabled the CDFI partners to quickly respond to developers’ needs. We applaud HCD for providing this responsive, affordable source of capital that is increasing the supply of affordable and senior housing statewide,” said Liz Tracey, LIIF’s senior vice president, Western Region.

GSAF partners expect to invest an additional $20 million in projects in the coming months. Additional investments will be made as the original GSAF loans are repaid through the origination period, which ends in December 2014.

For more information about fund terms, eligibility, projects and partners visit goldenstate-fund.com.

Comments

comments

.

News

 
County’s chief lawyer: No Brown Act violation

By Chris Daley | From Page: A1

General Plan workshop today

By Chris Daley | From Page: A1

 
Two growth control initiatives get green light

By Dawn Hodson | From Page: A1

Sand Fire burns more than 4,000 acres

By Dawn Hodson | From Page: A1, 2 Comments | Gallery

 
Fatal accident in Camino

By Cole Mayer | From Page: A1 | Gallery

Agricultural Crop and Livestock Report released

By Ross Branch | From Page: A3

 
35 people displaced in Tahoe hotel fire

By Tahoe Tribune | From Page: A3 | Gallery

.

Opinion

The balancing act: Toxic waste spreads

By Larry Weitzman | From Page: A4, 2 Comments

 
Bee-ing silly

By Mountain Democrat | From Page: A4, 1 Comment

 
.

Letters

Letter to Speaker of the House

By Letters to the Editor | From Page: A5, 2 Comments

 
GDPUD misinformation

By Letters to the Editor | From Page: A5

At the crossroads

By Letters to the Editor | From Page: A5, 1 Comment

 
Want more water?

By Letters to the Editor | From Page: A5, 1 Comment

Refugee crisis

By Letters to the Editor | From Page: A5, 1 Comment

 
.

Sports

Camp experience is ‘priceless’

By Mike Bush | From Page: A6 | Gallery

 
Speedway races cancelled

By Democrat Staff | From Page: A6

El Dorado doubles up on Pro Players

By Mike Bush | From Page: A6 | Gallery

 
Under the Scoreboard: July 26, 2014

By Democrat Staff | From Page: A6

Schedule: July 28 – Aug. 2, 2014

By Democrat Staff | From Page: A6

 
Roundup: July 26, 2014

By Democrat Staff | From Page: A6

Local spiker shines

By Democrat Staff | From Page: A7

 
Sports Scene: July 26, 2014

By Democrat Staff | From Page: A7

.

Prospecting

A beautiful day at Wakamatsu Tea and Silk Colony Farm

By Cathy Barsotti | From Page: B1 | Gallery

 
Foothill gourmet: Things get corny

By Donna Brown | From Page: B2

Bipolar Insights: From point A to point B

By Marcia Rose | From Page: B2

 
Cool time at Cowboys and Cornbread

By Democrat Staff | From Page: B2 | Gallery

As we were: Recreation district grows

By Ken Deibert | From Page: B4

 
Cantare names new director

By Cantare Chorale | From Page: B10

 
After 5 Club to meet

By Senior Day | From Page: B10

.

Essentials

Divorces

By Charlotte Sanchez-Kosa | From Page: A2Comments are off for this post

 
DUI Log: June 25-July 9

By Cole Mayer | From Page: A2

Crime Log: July 14-16

By Cole Mayer | From Page: A2

 
.

Obituaries

.

Real Estate

.

Comics

Rubes

By Contributor | From Page: A8

 
New York Times Crossword

By Contributor | From Page: A8

TV Listings

By Contributor | From Page: A8

 
Speed Bump

By Contributor | From Page: A8

American Profile Crossword

By Contributor | From Page: A8

 
Tundra

By Contributor | From Page: A8

Horoscope, Tuesday, July 29, 2014

By Contributor | From Page: A8

 
Horoscope, Monday, July 28, 2014

By Contributor | From Page: A8

Shoe

By Contributor | From Page: A8

 
Sudoku

By Contributor | From Page: A8