CCRC Becomes the First CDFI in the Nation to Securitize Tax-Exempt Loans in the Public Municipal Market, Expanding Its Capacity to Finance Affordable Housing Across California
GLENDALE, CA - July 27, 2026 (NEWMEDIAWIRE) - California Community Reinvestment Corporation (CCRC) has successfully closed a $114 million securitization of tax-exempt loans, marking the first time a Community Development Financial Institution (CDFI) securitized affordable housing multifamily loans in the municipal market. Structured in two tranches, the transaction was 4.8 times oversubscribed and achieved highly competitive pricing, including the strongest pricing to date for the Class A-1 tranche. Wells Fargo served as underwriter and U.S. Bank acted as trustee and custodian.
The securitization pool consisted of tax-exempt loans secured by 21 affordable housing properties comprising 1,573 units serving families, seniors, veterans, and formerly homeless households. All of the loans were originated and funded by CCRC, which will continue to service the portfolio and provide ongoing asset management services.
California Community Reinvestment Corporation originated the loans through its tax-exempt loan program, and its use of the municipal market represents a new strategy for recycling program capital. The structure, which has been used by only a handful of financial institutions since it first emerged in 2019, requires substantial operational capacity and a strong credit profile, capabilities that are rare among CDFIs nationally.
"Affordable housing lending depends on having the capital available to keep lending, and this transaction gives us exactly that,” said Tia Boatman Patterson, President and CEO of California Community Reinvestment Corporation. "By recycling capital already deployed in our loan portfolio, we’re able to continue financing the developers and communities that need it most, without waiting on new sources of funding."
The new capital raised through the securitization strengthens CCRC’s ability to continue funding permanent loans for affordable multifamily housing developments across the state, supporting working families, seniors, veterans and individuals experiencing or at risk of homelessness.
About California Community Reinvestment Corporation:
California Community Reinvestment Corporation (CCRC) is California’s premier Community Development Financial Institution (CDFI) multifamily affordable housing lender, tackling the affordable housing crisis throughout the state. CCRC’s lending products provide term financing for affordable multifamily rental housing, supporting the creation of low-cost housing for vulnerable individuals and families. For more information, visit https://www.e-ccrc.org/
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Veronica Welch
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