By Matt Levin, CALmatters
When the California Housing Finance Agency was created in 1975 in Gov. Jerry Brown’s first term, the mission was simple: help low- and moderate-income families buy their first home.
More than 40 years later, amid skyrocketing housing prices and near-record low homeownership rates, that goal is getting harder and harder to attain. So much so that the agency has quite redefined what it means to be “moderate income” in California — and its definition of “moderate” may be different from yours.
In fiscal year 2016, only 124 households making over $100,000 obtained a loan through the agency, accounting for only 3 percent of the mortgages offered by the agency.
Read the complete story at CALmatters.
