The California Housing Finance Agency (CalHFA) announced that it will develop innovative initiatives to use nearly $700 million in new federal funding to help California’s neediest homeowners struggling with mortgages payments remain in their homes.
This follows an announcement by the Obama administration that CalHFA is one of five state housing finance agencies slated to receive a total of $1.5 billion from the federal government’s Emergency Economic Stabilization Act of 2008.
In addition to California, the funds will support efforts in Arizona, Florida, Michigan and Nevada. All five states have seen average home prices decline by 20 percent or more.
Steven Spears, acting executive director of CalHFA, said the agency will work quickly to develop programs to help California’s low- and moderate-income homeowners and submit plans to the federal government by April 16. He said he expects the program to be ready to be implemented by mid-year or sooner.
“We are very grateful that the Obama administration recognizes that California and several other states have been severely impacted by the twin problems of unemployment and home price depreciation,” Spears said. “We are honored by President Obama’s continued support and the confidence the president has shown in state housing finance agencies.”
Under the Obama administration’s plan, the funding can be used for innovative programs to assist unemployed homeowners, homeowners who owe significantly more than their homes are now worth and for those facing challenges associated with second mortgages.
The programs will be available to homeowners, regardless of whether their mortgage was initially financed by CalHFA.
“This funding alone will not solve the significant problems in the housing market that California families face, but combined with other initiatives by state, local and federal governments as well as the private sector, this will contribute to stabilizing California’s housing market,” Spears said.
For more information and a complete description of CalHFA’s homeownership and multifamily programs, visit calhfa.ca.gov or call toll free (877) 922-5432.
Meritage introduces Sonata tract
Meritage Homes announced the debut of its brand new Sonata neighborhood in Roseville.
Sonata offers an affordable collection of home designs that boast inviting architectural design, open layouts and generous amenities included.
Located in the new master-planned community of Fiddyment Farm, Sonata features a premium selection of homesites surrounded by the neighborhood’s central park that offer spacious backyards and adjacent open space.
“Although our models are still under construction, visitors will receive an exclusive preview of our new Sonata neighborhood that’s scheduled to officially open May 1,” said Barry Grant, Meritage Homes’ Northern California division president.
With special pre-model pricing starting from the mid $200,000s, buyer interest remains high and sales are now underway at Meritage’s neighboring Ovation sales office in Fiddyment Farm.
Homes in Sonata’s first release are under construction, and some will be completed by April, just in time to take advantage of the federal tax credit.
Sonata at Fiddyment Farm features five single and two-story home designs ranging in size from 1,636 to 2,500 square feet. The homes offer two to four bedrooms, two to three bathrooms, and a two or three-car garage.
For more information on any Meritage Homes program or neighborhood, call (866) 675-9383 or visit meritagehomes.com.
