CHFA Head to Quit to Form Own Firm

Karney Hodge, executive director of the California Housing Finance Agency, will resign from his post at the end of July and form his own development and finance company in Sacramento.

The nonprofit CHFA raises cash by selling tax-exempt bonds, and uses the sale proceeds to make loans to moderate- and middle-income home buyers as well as to developers who want to build affordable housing.

Hodge was appointed to the job by then Gov. George Deukmejian in 1983. Since then the agency has helped to finance the purchase of nearly 50,000 homes and the construction of about 15,000 units of affordable rental housing.