CalHFA provides housing assistance in two main areas: below-market interest rate mortgages and down payment assistance for low and moderate income, first-time homebuyers, many of whom are ethnic minorities not well-served by market rate products and loans for the development and preservation of affordable multifamily rental housing.

[4] The Multifamily Lending Division provides Conduit Bond Issuance and permanent financing for the acquisition, rehabilitation, and preservation or new construction of affordable rental housing that includes rents restricted to low-income families and individuals.

[5] This Division also provides an Asset Management function for agency-financed multifamily rental developments, where each project is monitored regarding its financial, physical and occupancy compliance with various regulations in California.

The CalPLUS loan programs feature a CalHFA fixed interest rate first mortgage, insured either through FHA or on the conventional market.

This loan is fully amortized for a 30-year term and is combined with the CalHFA Zero Interest Program (ZIP) for closing cost assistance.