The California Community Reinvestment Corporation (CCRC) has successfully completed a $114 million securitization of tax-exempt loans, marking the first time a Community Development Financial Institution (CDFI) has securitized affordable housing multifamily loans in the public municipal market. The transaction, which closed July 27, 2026, was structured in two tranches and was 4.8 times oversubscribed, achieving 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 comprised tax-exempt loans secured by 21 affordable housing properties totaling 1,573 units, serving families, seniors, veterans, and formerly homeless households. All loans were originated and funded by CCRC, which will continue to service the portfolio and provide ongoing asset management. This innovative structure, which has been utilized by only a handful of financial institutions since its emergence 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 CCRC. “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 fund permanent loans for affordable multifamily housing developments across California, supporting working families, seniors, veterans, and individuals experiencing or at risk of homelessness.
This transaction demonstrates a new strategy for recycling program capital through the municipal market, expanding capacity to finance affordable housing. CCRC’s use of this structure could pave the way for other CDFIs to access capital markets, potentially increasing the flow of funds to affordable housing projects nationwide. For more information about CCRC, visit https://www.e-ccrc.org/.
