To promote homeownership, in 1998 AHC set out to build its capacity as a homeownership service provider. We have already funded over $60 million in mortgage loans and have counseled hundreds of families. We have become a premier community lender and homebuyer education provider in Southern California, and we work with cities, counties, and non-profit organizations to promote homeownership. To enhance our homeownership programs, in 2001 AHC identified the need to provide downpayment assistance through various subsidy sources, and in 2003, we became the County of Orange Program Administrator. The program has offered over $12 million in downpayment assistance funds. The program will continue in 2012 with $500 million available.
Although we have been successful in providing homeownership financing and education, the greatest need in our community is the development of new affordable housing. In 2004, AHC decided to focus some of our efforts on the production of affordable housing. We are now in the early planning stages to develop rental housing for low- and very-low-income households.