The Golden State Acquisition Fund (GSAF) is dedicated to preserving and expanding affordable housing opportunities across California. Established with an initial $23 million from the California Department of Housing and Community Development, GSAF has grown into a $292 million revolving pool of capital.

Leveraging additional funding from seven community development financial institutions, GSAF has deployed over $500 million to support 110 projects and create or preserve more than 10,000 housing units statewide. Learn more about how GSAF can support your affordable housing project today.

  • Nonprofit developers
  • For-profit developers
  • Cities, counties, and other public agencies within California
  • Joint ventures comprised of such entities, with a track record of developing affordable housing
  • Uses: Acquisition of vacant land or existing properties for rental or homeownership development
  • Geography: Must be located in the State of California
  • Rental Housing: 100% of units restricted to 60% or below AMI (or meet mixed-income rules below)
  • Homeownership: Restricted to households at or below 80% AMI
  • Mixed-Use: Minimum 75% of total square footage will be developed as affordable housing to receive full loan; if less than 75%, project loan amount will be adjusted
  • Mixed-Income: Minimum 75% of residential units developed as affordable housing to receive full loan; if less than 75%, project loan amount will be adjusted
  • Maximum loan amount: $13,950,000
  • Maximum loan term: Five years
  • Pricing will be fixed or variable, depending on market conditions, and will be determined by the originating lender.

Download the GSAF Fund Overview and Term Sheet for more details or contact an
originating lender to discuss a project.

Golden State Acquisition Fund

The mission of Golden State Acquisition Fund (GSAF) is to preserve and expand quality affordable housing for Californians by providing a flexible source of capital for the development and preservation of affordable housing properties. Developers can access acquisition financing for rental housing and homeownership opportunities at favorable terms for urban and rural projects statewide. Nonprofit and for-profit developers, cities, counties and other public agencies within California are all eligible for GSAF financing. [Watch GSAF “Decade of Success” video.]

The California Department of Housing and Community Development (HCD) originally seeded GSAF with $23 million from its Affordable Housing Innovation Fund, which serves as 25% top-loss for GSAF loans. These funds are leveraged with additional capital from a consortium of seven community development financial institutions, which are originating lenders for the fund: Century Housing Corporation, Community Vision, Corporation for Supportive Housing, Enterprise Community Loan Fund, Housing Trust Silicon Valley, Low Income Investment Fund (the fund’s Administrative Agent), Local Initiatives Support Corporation, and the Rural Community Assistance Corporation. Funds provided by HCD are from Proposition 1C, the Housing and Emergency Shelter Trust Fund Act passed by California voters.

In 2022, following nearly a decade of successful deployment and recycling of the original GSAF funding, HCD infused another $50 million in capital into the fund, bringing the State’s total investment to $73 million. Now more than ten years into the program, the CDFI partners in the fund have deployed over $500 million for the creation and preservation of affordable housing throughout the State of California. The GSAF loans have supported over 110 projects across the state and created or preserved more than 10,000 housing units. GSAF is structured as a $292 million revolving pool of capital in which repaid loans are reinvested into new projects, making GSAF an outstanding example of efficient leveraging of public dollars.

To find out how the fund can support your project, please contact one of the GSAF originating lenders.