$93 Million Golden State Acquisition Fund Launches to Support Affordable Housing Statewide

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We are pleased to announce the launch of the Golden State Acquisition Fund (GSAF), a new program available to developers of affordable housing in California. The $93 million program provides acquisition financing to experienced nonprofit and for-profit developers and public agencies for the development or preservation of affordable housing statewide. Developers can access financing for rental housing and homeownership opportunities at favorable, below-market-rate terms for urban and rural projects.

The GSAF was seeded with an initial investment of $23 million from the California Department of Housing and Community Development to increase the availability of affordable housing, including homeownership, for low income Californians. The HCD funds will be leveraged with additional capital from a consortium of seven CDFIs, which are all originating lenders for the fund. The Low Income Investment Fund (LIIF) is the Administrative Agent for the fund. Information about eligibility and terms for the fund are included below. For more details about the fund and a term sheet, visit the Capital for Affordable Housing page.

Borrower Eligibility

  • Nonprofit developers
  • For-profit developers
  • Cities, counties, and other public agencies within California
  • Joint ventures comprised of such entities, with a track record of developing affordable housing

Project Eligibility

  • Acquisition of vacant land and improved properties
  • Located in the State of California
  • Rental Housing: 100% of units restricted to 60% or below AMI
  • Homeownership: restricted to 80% AMI
  • Mixed-Use: no less than 75% of total square footage to be acquired will be developed as affordable housing (at or below 60% AMI)
  • Mixed-Income: no less than 75% of number of proposed residential units will be developed as affordable housing (at or below 60% AMI)

Terms & Rates

  • Maximum loan amount: $13,950,000
  • Maximum loan term: 5 years
  • Maximum LTV: 100% for nonprofit developers, 95% for for-profit developers
  • Rates: Please contact us for more detail

GSAF Originating Lenders

  • Century Housing Corporation
  • Corporation for Supportive Housing
  • Enterprise Community Loan Fund
  • Local Initiatives Support Corporation
  • Low Income Investment Fund
  • Northern California Community Loan
  • Rural Community Assistance Corporation