[{"_1":2,"_112":-5,"_113":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76,88,100],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6226946,"mediaKeyId","3497523-c6a90e7b145757eb29d375478a9cded1","parentId",3497523,"title","CalHFA to open mortgage assistance for disaster‑displaced homeowners in June; counseling expansion to accompany program","audioSeconds",6893,"startMs",623000,"endMs",7516000,"viewUrl","/Search/View?dp=1&key=3497523-c6a90e7b145757eb29d375478a9cded1&start=623&end=7516","thumbnailUrl","https://assets.pipeline.soar.com/3497523-c6a90e7b145757eb29d375478a9cded1/thumbnail_623000.jpg","articleUrl","/articles/6226946/California/CalHFA-to-open-mortgage-assistance-for-disasterdisplaced-homeowners-in-June-counseling-expansion-to-accompany-program","mediaUrl","https://secure.pipeline.soar.com/6226946-8479a8aefcacc6c7575af36a946ebbd3/orig.mp4?Expires=1770872086&Signature=A4D8-m~XiTGu~BgSb8FceXCRofhTATI~BYm7aO7dtGzuZPvJFptOWq3JdRun7yeOg3po~S1LCNwgx5afQSLQlHywUvibAJXVc05mfQSootbKYEUQQ~fcwXY45Qyqo9dl9dNLzzTFytwi9U5hkXxdMHEwG1j4jJFEKEjr6i6ufDV1FtehEBqSMDWX-m14fVlFLUKVdlNd0gCqE7JRV0MYmAb5nCSfHSJixGmAYPnnt0mRZcEQG6~6RHs-SQsVMIwbTt9LyrgnIB8uNv0iD71q3EJ5sn8l73l~bUsGBFdG01mVEGgHNAbRRbzopYXrbyR5UmBAife5l1ZEhB1kv0fl3A__&Key-Pair-Id=KUT5TJCACFTXG","author","CalHFA Board Meetings 2025","date","2025-05-24T21:11:32.707Z","article","CalHFA staff told the board that the agency will open a new mortgage assistance program to help homeowners displaced or rendered uninhabitable by declared disasters and that the application portal is scheduled to open June 12, with a public launch event in Altadena on June 5.

Chief Deputy Director Rebecca Franklin and Kelly Madsen, director of enterprise risk and special initiatives, said the program will use remaining funds from the National Mortgage Settlement (NMS) and will provide up to three months of mortgage payments, capped at $20,000 or actual three‑month mortgage obligation, whichever is less. Eligibility will be limited to owner‑occupied primary residences destroyed or declared uninhabitable by a state proclamation of emergency or a federal major disaster declaration occurring between Jan. 1, 2023 and Jan. 8, 2025. Staff said household income eligibility will be up to 100% AMI using the 2025 AMI limits and that the principal first mortgage must be at or below the county‑level 2025 conforming loan limit at the time of financing.

Franklin said CalHFA will leverage lessons from the federally funded California Mortgage Relief program: it will work through HUD‑certified housing counselors and community‑based organizations, operate a contact center, and maintain an application portal that allows staff to code denials and notify applicants if eligibility rules change. Because many disaster victims lose documents in a disaster, staff emphasized outreach and partner education before the June 12 application opening so applicants can locate or reconstruct required documents.

Kelly Madsen said partner education and training will begin immediately with housing counselors, servicers, legal aid and community partners. The agency plans to begin distributing funds to eligible applicants in July and will continue until funds are exhausted.

Board members asked for lists of regional community‑based organizations and HUD‑certified counseling partners; staff agreed to provide county‑sorted partner lists. Several board members praised the program’s rapid design and the agency’s partnerships with other state agencies (Cal OES, HCD) and the administration to reach disaster survivors.

Franklin emphasized program design choices intended to focus limited funds on the most vulnerable homeowners: owner‑occupied homes, 2025 AMI limits, a county conforming loan cap, and prioritization of households with demonstrated disaster‑related housing loss. She invited board members to attend the June 5 launch in Altadena and said the agency will coordinate press and outreach with state recovery partners.","mediaType","Video","parentTitle","CalHFA General Board Meeting - 05/22/2025","oneSentenceSummary","CalHFA will open applications June 12 for a mortgage assistance program funded by National Mortgage Settlement funds to provide up to three months of mortgage payments (maximum $20,000) to homeowners whose owner‑occupied primary residence is destroyed or deemed uninhabitable by a declared disaster.","taxTitle","Housing Finance Agency, Agencies under Office of the Governor, Executive, California","taxId",70084,"location","California","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6226954,"CalHFA board approves permanent financing for three modular mixed‑income projects; one loan later increased for cost overruns",2061,1575000,3636000,"/Search/View?dp=1&key=3497523-c6a90e7b145757eb29d375478a9cded1&start=1575&end=3636","https://assets.pipeline.soar.com/3497523-c6a90e7b145757eb29d375478a9cded1/thumbnail_1575000.jpg","/articles/6226954/California/CalHFA-board-approves-permanent-financing-for-three-modular-mixedincome-projects-one-loan-later-increased-for-cost-overruns","https://secure.pipeline.soar.com/6226954-0500f637234afe30e6a87ac74c424a56/orig.mp4?Expires=1770872086&Signature=YKp62Pib-1Z0DU4~C9sN84Vr2wsxoILQEYp-oAgV6ncFyYAYHeUIgozqP0LYOhMAAI1z18gqfIo7FJIlfqDE5oaw7oZHu1KRpjLJ-Sf45EyGCobzcPFZEikQ~y5zYCep1tEWPGbT7aSdfgh2JdTRyhKZwNE17ureo5CgeGzjOdlzinYWxLUBSxirBkWcTmqdBYQiimlb7yDZPqMZdItPGxHBxV2cY8NyUjtvJCNifEBbGSqvRwgBVSb6B7ftoHVbfUclk-jFkYVBOeXciFlSO03kYUp7hbN4AmYn5BPVBeF4i7M6qrZQ9iVblFhTpD7qQu7xMSbWbIhho0P~nzdimw__&Key-Pair-Id=KUT5TJCACFTXG","The California Housing Finance Agency board on May 20 approved permanent financing commitments for three new modular, mixed‑income apartment projects and approved a later increase to an earlier loan commitment to cover cost overruns.

The board voted to approve a $44.9 million first‑lien permanent loan and a $4 million subordinate gap MIP loan for Julien Street Studios in San Jose (Resolution 20514); a $28.5 million permanent loan and a $4 million MIP subordinate loan for Vera Avenue Apartments in Redwood City (Resolution 20515); and an amendment increasing the permanent loan on Terracina at the Dunes in Marina to $21.25 million (Resolution 20516), a $3.7 million increase from the commitment made during construction.

The three new projects are high‑rise mixed‑income developments that use modular construction, which staff and several board members said reduced per‑unit costs. Stephanie McFadden, CalHFA director of multifamily programs, told the board Julien Street will be a seven‑story building in San Jose with 305 units and a total development cost per unit of about $498,000; Vera Avenue is a seven‑story project in Redwood City with 178 units and a roughly $581,000 per‑unit cost. Both projects expect federal and state low‑income housing tax credit equity and private activity bond allocations from CDLAC.

Developers requested two exceptions to CalHFA standard underwriting for the Julien Street and Vera Avenue loans: (1) acceptance of a city density‑bonus agreement that will be recorded senior to CalHFA’s deed of trust (staff said CalHFA will obtain a standstill agreement to preserve agency restrictions); and (2) allowing the borrower to receive more than 50% of surplus cash to repay deferred developer fee within a 15‑year period to preserve tax credit eligible basis. McFadden said staff’s recommendation was to grant these exceptions within TCAC and CDLAC limits.

Board members pressed staff about the exceptions and the projects’ affordability targeting. Director Velasquez and others highlighted that although some units are governed by MIP rules allowing up to 120% AMI, the TCAC‑restricted units average 60% AMI and in practice these projects’ restricted units will be at or below 70% AMI. “We either have to align the policy with the reality of what's being financed or change the policy,” Velasquez said.

Several directors praised the modular approach as a way to reduce cost and accelerate delivery. Director Lamont noted modular construction’s lower per‑unit cost compared with other recent projects; Director Russell said the architect and modular manufacturing experience were key and asked whether there are multiple modular manufacturers available to keep competition; Justin Hart of Corporation for Better Housing (managing general partner on two projects) said the manufacturing partner is Harbinger at Mare Island and that modular can provide cost and schedule certainty through earlier factory production.

On Terracina at the Dunes (Marina), CalHFA staff told the board the project had construction‑to‑permanent conversion delays and cost increases tied to the pandemic, supply chain issues and a variable construction loan interest rate that reset higher than underwritten; the developer requested a $3.7 million increase to the permanent loan and CalHFA underwrote the increase and will apply a modestly higher permanent interest rate. Staff said construction and lease‑up are complete and the project reached its 90‑day performance period in May.

Votes and outcomes: the board recorded up‑or‑down votes on the resolutions. Resolution 20514 (Julien Street Studios) and Resolution 20515 (Vera Avenue Apartments) were approved; Sotelo abstained on Resolution 20515. Resolution 20516 (Terracina increase) was approved; Director Russell recused from that item and left the room before discussion.

The board also debated local engagement and the meaning of “local support”: Kevin Brown, CalHFA housing finance officer, explained that CalHFA circulates notices to localities asking for input but will not force responses; some jurisdictions do not reply. Board members said the difference between projects that are “by right” and projects that seek explicit local support merits further discussion in future strategic sessions.

CalHFA staff and board members signaled interest in continuing to use modular construction where feasible, while acknowledging supply chain and supply‑side constraints. The agency will require standard closing and standstill agreements to protect CalHFA’s recorded restrictions where local density bonus agreements are senior to CalHFA deeds of trust.

Notes: CalHFA staff said the projects will use CDLAC allocations, federal and state tax credits, recycled bond proceeds during construction, and standard CalHFA MIP and TCAC restrictions. The board’s approvals reflect staff underwriting with exceptions described at the meeting.","The California Housing Finance Agency board on May 20 approved permanent financing for three new modular mixed‑income developments and approved a separate increase to an earlier permanent loan to cover pandemic‑era cost increases.",{"_33":89,"_35":36,"_37":38,"_39":90,"_41":91,"_43":92,"_45":93,"_47":94,"_49":95,"_51":96,"_53":97,"_55":56,"_57":58,"_59":98,"_61":62,"_63":64,"_65":99,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6226943,"CalHFA board hears update on proposed state housing agency reorganization and Audit & Risk Committee’s new enterprise risk framework",1114,223000,1337000,"/Search/View?dp=1&key=3497523-c6a90e7b145757eb29d375478a9cded1&start=223&end=1337","https://assets.pipeline.soar.com/3497523-c6a90e7b145757eb29d375478a9cded1/thumbnail_223000.jpg","/articles/6226943/California/CalHFA-board-hears-update-on-proposed-state-housing-agency-reorganization-and-Audit-Risk-Committees-new-enterprise-risk-framework","https://secure.pipeline.soar.com/6226943-d30a638fbf42a77f954a59f1fdc89a2b/orig.mp4?Expires=1770872086&Signature=YXwKBYFqd6m~4X6zauqJr0iCVkIAQhhnRZ9FxhgSP5sREhaQpAl3WvlPcfUGmXNOi60sLgmdvDMKdJMYe3hK-iFYfOk7lKTMOii7m4wMt4b6JDjcXFecq1FPu~roteoDKKq~QNghCNj17~W1fAdICCeaurV8RUZOcPv-saswCAG8CdagMEYeSUM5s7Jccwqw8XEqWJSgfEoXqXilmeLApmwxiJWY97BxlhuObPSPez4MDpJ0FcNXWqYEEN53JFXnyEjzzxd~QLRLEi2ul~2eMjB19WJg0hkDASXKHObKiuHFSJ745-BnR0jFsVmM6YkCbMloFy7bBhDT7LxY013Q8w__&Key-Pair-Id=KUT5TJCACFTXG","Board members were briefed on two governance items: a proposed state agency reorganization and the Audit & Risk Management Committee’s new enterprise risk framework and auditor selection process.

Rebecca Franklin and Undersecretary Grant summarized the governor’s plan to split the existing Business, Consumer Services and Housing (BCSH) agency into two entities — one with a consumer focus and another with a dedicated housing focus — subject to review by the Little Hoover Commission and the state legislature. Franklin said the Little Hoover Commission will submit a report to the legislature in late May or early June; if the legislature takes no action to reject the plan during the following 30–60 days, Franklin said the reorganization could take effect July 1, 2026 and BCSH would be dissolved.

Delilah Sotelo, chair of the Audit & Risk Management Committee, reported that the committee expanded its scope to include risk management and received a presentation from Kelli (Kelly) Madsen, director of enterprise risk and special initiatives, on an agency‑wide risk framework. Sotelo said the framework is intended to “lay a mantle” over agency activities to identify key risks, establish evaluation pools and inform the board’s strategic planning; the committee expects a fuller presentation in August ahead of strategic planning work later in the year.

Sotelo also said the committee completed an RFQ to select an external auditor; she said the committee intentionally defined outreach and selection criteria to encourage responses from small and diverse firms and not just the largest national accounting firms. Director Prince and other board members asked whether the RFQ criteria might unintentionally limit smaller firms; staff and Sotelo said outreach would emphasize opportunities for small and diverse firms and cited a prior successful selection of a smaller firm in another agency that performed well.

Board members asked questions about roles, responsibilities and how enterprise risk assessments will inform strategic planning; Sotelo said the framework will be integrated into the board’s three‑year strategic planning process. No formal board vote was required for the updates.

The board requested continued engagement and updates from the Audit & Risk Committee as the framework and auditor selection process proceed.","Board members received an update on the governor’s proposal to split the Business, Consumer Services and Housing agency and on a new enterprise risk management framework the Audit & Risk Committee will bring back in August; committee also launched an RFQ for an independent auditor with outreach to small and diverse firms.",{"_33":101,"_35":36,"_37":38,"_39":102,"_41":103,"_43":104,"_45":105,"_47":106,"_49":107,"_51":108,"_53":109,"_55":56,"_57":58,"_59":110,"_61":62,"_63":64,"_65":111,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6226950,"CalHFA re‑enters bond market for single‑family lending; My Access program launches reservations and bond financing",1567,3720000,5287000,"/Search/View?dp=1&key=3497523-c6a90e7b145757eb29d375478a9cded1&start=3720&end=5287","https://assets.pipeline.soar.com/3497523-c6a90e7b145757eb29d375478a9cded1/thumbnail_3720000.jpg","/articles/6226950/California/CalHFA-reenters-bond-market-for-singlefamily-lending-My-Access-program-launches-reservations-and-bond-financing","https://secure.pipeline.soar.com/6226950-3ea211260e158404d3f274f00b2aa42b/orig.mp4?Expires=1770872086&Signature=mfimHOLaD8bL50pvpzyVP-FJABUhFnc6~O585SDCHt5nzzo7Z-046gGpbjLDa7agHbe0wPpBkZibwVg9Qa2Ohy2VeAauQ-KNatbVm4UazbmI4Zw4rh1N6ms1bphjtdDcQuOcTZFgqw9Oyn6HXaz~0OQ6ogjfxj6X5aGL~4z~0SkWqnXnMtn9lbELHZD9k7GEgOaDdMYBi3HcOlfCLx3nm1jmfyzjIgTZ~rH8Yt1lKXLYSxqAejNDgr3UllEZn41Ukpv4tt3HB9CzVoJrq1DdNBWLZhfoKxPeUkB-hHPLTzrK7ikNaGfkLdQKDWDVSkSj4lpLqIv12wxKouFz5cG~oA__&Key-Pair-Id=KUT5TJCACFTXG","The California Housing Finance Agency is back in the taxable bond market to fund a new single‑family program called My Access, agency finance staff told the board. The board received a capital markets update describing a March taxable bond sale that financed initial My Access loans and explained how the agency plans to hedge reservations and issue bonds regularly.

Erwin Tam, CalHFA director of financing, said the agency completed a $50 million taxable bond transaction in March — the agency’s first “new‑money” single‑family bond deal since about 2011 — to support first‑mortgage financing tied to the My Access down‑payment assistance product. Albert Luong (RBC) described investor demand as about 2x oversubscribed for the $50 million deal and said the average bond yield across maturities was roughly 5.5%.

Tam explained that single‑family mortgage rates are set daily and that CalHFA will collect reservations for My Access and then hedge and deliver financing on a date‑certain schedule, rather than carrying market risk from reservation to bond issuance. “We will hedge those reservations and then issue bonds,” he said, describing the program’s execution model as a way to take market risk off the agency.

Albert Luong said investors included institutional accounts and separately managed accounts, and that the transaction attracted interest because CalHFA was returning to the market. RBC and CalHFA also prepared a social‑bond framework for the issuance; Luong said the transaction received an S&P second‑party opinion and a small ESG‑designated order participated in the deal.

Rebecca Franklin, CalHFA chief deputy director, told the board My Access opened for reservations March 17 and that the agency had issued roughly $50 million of taxable bonds to fund initial activity. Franklin said early reservations are concentrated in inland regions of the state (Central Valley 29%, Inland Empire 22%, Capital Region 20%) and that the product also permits financing of HUD‑approved manufactured homes, though take‑up of those purchases had not materialized yet.

Board members asked for follow‑up data on borrower profiles, loan‑to‑value distributions and actual loan outcomes once reservations convert to closed loans. Franklin and staff said they will provide additional reporting after more reservations have closed into securitized loans.

Tam also warned the board that recent volatility in U.S. Treasury and municipal markets (including a Moody’s downgrade of U.S. sovereign debt in March) has increased market uncertainty; staff said Treasuries and tax‑exempt yields affect both the taxable bonds CalHFA uses for My Access and the agency’s multifamily tax‑exempt issuance.

CalHFA said its financial risk management policy allows hedging and a hedge reserve; staff plan to use treasury hedges tied to reservation volumes and to execute bond transactions several times per year aligned with hedges to limit exposure.

The board heard that the My Access bond issuance was a pilot intended to “prime the engine” for future single‑family issuance, and staff said scaling will depend on pipeline volume. Staff also said they will present more detailed outcome metrics later, including reservation conversion, borrower geographies and loan terms.","CalHFA issued its first single‑family bond financing since 2011 to fund the newly launched My Access down‑payment assistance program, selling $50 million of bonds in March and planning regular bond executions tied to weekly hedges of loan reservations.","actionData","errors"]

Article not found

CalHFA to open mortgage assistance for disaster‑displaced homeowners in June; counseling expansion to accompany program

CalHFA board approves permanent financing for three modular mixed‑income projects; one loan later increased for cost overruns

CalHFA board hears update on proposed state housing agency reorganization and Audit & Risk Committee’s new enterprise risk framework

CalHFA re‑enters bond market for single‑family lending; My Access program launches reservations and bond financing