SACRAMENTO, Calif.--(BUSINESS WIRE)--The California Housing Finance Agency’s Board of Directors announced today that it has unanimously appointed Michael Carroll as CalHFA’s Director of Multifamily Programs.
Carroll brings his decades of experience in affordable housing and community development lending to CalHFA following a nine-year stint with the Rural Community Assistance Corporation, where he was Director of Lending and Housing.
“Michael’s experience in both the public and private sector makes him a perfect fit to lead our Multifamily Division,” said CalHFA Executive Director Tia Boatman Patterson. “His passion for affordable housing and his proven ability to make connections with the folks who are working so hard to make sure more Californians find homes they can afford, are two of the many reasons we are so thrilled to bring Michael on board.”
Since joining RCAC in 2008, Carroll oversaw the growth of its Loan Fund to $130 million in lending capital, and helped the organization introduce several new lending programs.
He brings additional experience from his time with Fannie Mae, where Carroll was Director of Multifamily Sales and Marketing and also served as Director of the Central Valley Partnership Office in Sacramento.
Prior to that, Carroll worked as a Senior Vice President at Bank of America, managing community development lending and product development. He first came to Sacramento to be a loan officer with the Department of Housing and Community Development in the late 1980s.
“I am excited to join the team at CalHFA,” Carroll said. “The demand for affordable housing is at an all-time high and the public sector, CalHFA in particular, is critical to providing resources to housing developers that can be leveraged with private capital to address the need."
Carroll is a Board Member for the California Coalition for Rural Housing, the National Rural Housing Coalition and Neighborworks Capital.
He earned his bachelor’s degree from Temple University and then started his housing career working with Self-Help Enterprises as an Americorps VISTA volunteer.
Carroll succeeds Tony Sertich, who has been CalHFA’s Director of Multifamily Programs since 2015. Sertich will remain with the Agency and continue the transition to his new position, Director of Enterprise Risk Management and Compliance. Sertich was appointed to that position by California Governor Edmund G. Brown Jr. in April.
The California Housing Finance Agency was created in 1975 with the goal of helping more Californians find a place to call home. CalHFA's Multifamily Division has invested more than $4 billion for the construction and preservation of more than 60,000 affordable rental housing units to assist very low and low income Californians. CalHFA is a self-supported state agency that doesn't rely on taxpayer dollars. For more information on CalHFA programs, and how we are creating progressive financing solutions for affordable housing in California, visit www.calhfa.ca.gov or call toll free at 877.9.CalHFA (877.922.5432).
