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HOUSING RESOURCES <br />California Community Reinvestment Corporation (CCRC) <br />The CCRC is a nonprofit mortgage banking consortium that pools resources to <br />reduce lender risk in financing affordable multiple- family housing. CCRC <br />provides long -term mortgage and bond financing for new construction, <br />acquisition, and rehabilitation, and direct equity investment funds to acquire <br />housing at risk of converting to market rate rents. These programs are available <br />for family and senior housing, mixed -use projects, and special needs housing. <br />Federal Home Loan Bank Affordable Housing Program <br />This is a competitive program that provides grants twice a year through financial <br />institutions for investment in low or moderate income housing initiatives. <br />Member banks partner with developers and community organizations to finance <br />the purchase, construction, or rehabilitation of owner - occupied or rental housing. <br />Grants can also be used to lower the interest rate on loans or cover down payment <br />and closing costs. The program is flexible so that funds can be used in <br />combination with other programs and funding sources, ensuring a project's <br />feasibility. <br />Orange County Affordable Housing Clearinghouse ( OCAHC) <br />OCAHC is a nonprofit lender consortium that provides financing for affordable <br />housing and homeownership. OCAHC offers mortgage loans and down payment <br />assistance to first -time homebuyers, homeownership education, and information <br />on affordable housing for sale. <br />CITY OF SANTA ANA GENERAL PLAN HOUSING ELEMENT C -49 <br />