The California Housing Finance Agency (CalHFA) recently closed its first bond issuance under the New Issue Bond Program (NIBP). The NIBP, made possible through a special partnership with the U.S. Department of the Treasury, will provide $380 million financing for affordable, multifamily housing developments in California. CalHFA’s first NIBP issuance will help create a 185-unit development for senior citizens called Belovida at Newbury Park, located in San Jose. The project has been allocated $24 million in tax-exempt bonds and construction is expected to begin in late September 2010 and is scheduled to be completed by the fall of 2011.
“This support from the U.S. Treasury is helping us accomplish our mission of providing affordable housing for California families,” said Steven Spears, Executive Director for the California Housing Finance Agency. “The Belovida at Newbury Park project is the first of many affordable housing developments we will be able to finance with this bond assistance.”