By Elizabeth Zach, RCAC staff writer
More than 40 years after Gov. Jerry Brown created the California Housing Finance Agency (CalHFA), many of the state’s families still find it difficult, if not impossible, to afford a home. The agency was and is geared toward low- and moderate-income families.
According to its records, however, only 124 households earning more than $100,000 obtained a loan through CalHFA in fiscal year 2016. This is only 3 percent of the agency’s mortgages. And during the first 11 months of fiscal year 2018, almost 1,000 households making more than $100,000 got a loan – accounting for 14 percent of the agency’s mortgages.
Analysts point to housing costs, whereby the median price of a California home rose by 21 percent during the last three years and, as such, prices are even out of reach for families earning six-figure incomes.
“If we know that supply is fewer, and that incomes haven’t kept pace with prices, how do we continue to help out the low-to-moderate space?” Tia Boatman Patterson, executive director with CalHFA, told Cal Matters. “One of the ways you do it is to help more people by broadening our income targets.”
To read more, go here: https://calmatters.org/articles/one-symptom-of-californias-housing-crisis-one-state-agency-says-someone-making-200k-a-year-deserves-help-buying-a-house/
