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CalHFA’s new bond issuance aligns with environmental and social goals
SACRAMENTO — The California Housing Finance Agency last week sold $84.9 million of affordable multifamily housing revenue bonds. Designated as Sustainability Bonds, this financing allows CalHFA to advance its mission of creating and preserving affordable housing for thousands of California families each year, while also promoting the state’s environmental and social values.
“I am thrilled to announce this bond sale because it represents CalHFA using its strong financial position and expertise to bring private investment capital to the state of California that will help achieve the housing and environmental goals that are so important to our state’s residents,” said CalHFA Executive Director Tiena Johnson Hall.
Individual investors from California demonstrated their broad support for those values by placing orders for more than $24.7 million of the bonds. The bond sale also experienced high demand from institutional investors, with more than 30 orders placed by that group.
This is CalHFA’s initial debt offering through the new Affordable Multifamily Housing Revenue Bond Indenture, and the first time since 2014 that CalHFA has entered the capital markets to finance permanent loans for multifamily developments in this way.
“California’s financing community has come out strongly to support CalHFA’s mission of investing in diverse communities,” said CalHFA Director of Financing Erwin Tam. “Through this issuance, CalHFA has also positioned itself as a proponent of the State’s Environmental, Social, and Governance values by incorporating enhanced disclosure practices around ESG reporting to investors.”
Click here to view the full press release on the CalHFA website.
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