The California Housing Partnership recently analyzed data from the first three years of program awards of CalHFA’s Mixed Income Program (MIP) to assess its impact to date and compare it with other longstanding affordable housing finance programs on such factors as development type and location, levels of affordability and costs. Key findings from the MIP Outcomes Analysis for program years 2019-2021 include:
- MIP-awarded developments serve households that have an average Area Median Income (AMI) of 59 percent, whereas non-MIP developments participating in the bond and four percent LIHTC programs serve households with an average AMI of four percent. Nine percent LIHTC-awarded developments financed without bonds serve households with an average AMI of 45 percent.
- MIP-financed affordable homes tend to be less expensive than four percent LIHTC developments but more expensive than nine percent LIHTC developments.
- Most MIP-awarded developments are located in Lower Resource Areas as defined by the state Opportunity Maps to Affirmatively Further Fair Housing (AFFH). MIP-awarded developments are located in High Resource areas marginally more often than their LIHTC-financed counterparts.
- 75 percent of MIP-awarded developments are created by for-profit developers. In comparison, approximately 68 percent of LIHTC developments have been created by for-profit developers.
