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Housing Finance Agencies’ Role in Addressing Affordable Housing Challenges
November 20, 2020
State housing finance agencies (HFAs) have been at the center of the affordable housing financing system for more than 50 years. In 2019 alone, HFAs provided nearly $32 billion in financing for 161,000 mortgage loans to borrowers with an average income of roughly $56,000 and over $10 billion in financing for the development and rehabilitation of more than 150,000 rental units, according to the National Council of State Housing Agencies (NCSHA).
NCHSA recently recognized 16 state HFAs for their initiatives to effectively address affordable housing challenges, which included NHC members Michigan State Housing Development Authority (MSHDA) and the California Housing Finance Agency (CalHFA). For our Restoring Neighborhoods webinar, Tia Boatman Patterson of CalHFA and Jeffrey Sykes of MSHDA discussed their organizations’ initiatives to spur rental housing construction and strengthen partnerships to ensure stability in the housing market.
You can view webinar recording here.
|Tia Boatman Patterson, Executive Director of the California Housing Finance Agency, promotes CalHFA’s mission to create and finance progressive housing solutions. She engages mortgage lenders, affordable housing developers, state and local agencies, advocacy organizations, public officials and private financing markets so that more Californians will have a place to call home. Under her direction, CalHFA has increased its single family lending from essentially zero to $4.1 billion last year, and closed multifamily loans, including Mental Health Services Act and Conduit Issuance, totaling more than $2.7 billion.|
|Jeffrey J. Sykes was appointed the Director of the Division of Finance in May 2008. As of 2016, Mr. Sykes’ title was changed to Chief Financial Officer. Mr. Sykes joined the Authority staff in 1988. Since joining the Authority, Mr. Sykes has served as an Auditor, Accountant, Chief Accountant, Financial Manager, Interim Director of Finance, Director of Finance and now as the Chief Financial Officer.|