Golden State Acquisition Fund Supports Housing Efforts in California
The California Department of Housing and Community Development (CDHCD) announces the first awardees under its Affordable Housing Innovation Fund’s Golden State Acquisition Fund (GSAF). The initial $23 million investment from CDHCD was leveraged by a consortium of Community Development Financial Institutions (CDFIs) for an additional $70 million. The fund provides below-market rates on financing used to preserve affordable housing in California. Eligible properties include land, existing affordable residential developments and adaptive reuse developments.
Enterprise Community Loan Fund is one of the CDFI consortium members. The consortium will serve as a revolving loan fund with access to the state funding available to the consortium’s CDFIs on a first come, first serve basis. In addition to Enterprise, the CDFI consortium includes the Low Income Investment Fund, Century Housing, and Rural Communities Assistance Corporation.