The U.S. Treasury has allocated nearly $700 million to CalHFA to help low-and moderate-income borrowers who have been impacted by unemployment and declining home values. CalHFA now must submit a proposal by April 16 to the Treasury outlining innovative programs focused on foreclosure prevention and housing market stability. The Treasury will review each proposal for compliance with program objectives and other requirements. The Treasury expects that CalHFA may begin drawing down funds within four to six weeks following submission of proposals, or mid-year.
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