[{"_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",6188493,"mediaKeyId","5062244-dac45c605442c0fc047b19927dc159f2","parentId",5062244,"title","CalHFA approves financing for 303‑unit Sutter Street mixed‑income tower in San Francisco","audioSeconds",1828,"startMs",1494000,"endMs",3322000,"viewUrl","/Search/View?dp=1&key=5062244-dac45c605442c0fc047b19927dc159f2&start=1494&end=3322","thumbnailUrl","https://assets.pipeline.soar.com/5062244-dac45c605442c0fc047b19927dc159f2/thumbnail_1494000.jpg","articleUrl","/articles/6188493/California/CalHFA-approves-financing-for-303unit-Sutter-Street-mixedincome-tower-in-San-Francisco","mediaUrl","https://secure.pipeline.soar.com/6188493-3a9ee04a2c45511186e5f0e71974e955/orig.mp4?Expires=1771128419&Signature=DzsB1GBE3-Xw000z4ghimNCgnczjO~AWJYVehaFQ9H0t8KZvpS5Ah-AipifF9~O0Zq5styI411Tc5WikqJ-e-jhZsQ581pnGlyH4fqu6yrvsv7k2Kfz66Ozsx-E3wv2q2NRySc6kcQd80efIldsfmYmcuf5o1iQXBbhA4scBn0G2By77oj1EpFlHOk1nyNgeYvuBHgKDSCDGba5UZkdz~jocBN~lkF3pawc37nfBsCVqxqzV4tUpJD2ksFFVRRPS-PnH8Q4r6JcwM6PXaWLYlGGio3cCXuJAoBEzVrZ~vS7~xn3e6PJzvZnQMUpecmDwn~FuofknS2O7K055c8qfRA__&Key-Pair-Id=KUT5TJCACFTXG","author","CalHFA Board Meetings 2025","date","2025-06-24T07:58:33Z","article","The California Housing Finance Agency on June 23 approved loans to finance the affordable portion of Sutter Street, a new‑construction, mixed‑income project in San Francisco that will occupy a single 22‑story building and be split into two separately financed condominiums.

The board voted to approve a $15,300,000 permanent loan and a $4,000,000 multifamily incentive program (MIP) loan for the affordable condominium after staff described a complex ownership and financing structure that required approvals from federal and local authorities.

The project developer, Martin McNerney Development Inc., will deliver a master development with 303 units, a parking garage, commercial space and a childcare center. Under the financing plan presented by Stephanie McFadden, CalHFA’s director of multifamily programs, the building will be aerially subdivided at construction closing. Condo 1 will hold 201 market‑rate units and the public parking garage; Condo 2 will hold the 102 affordable units that CalHFA is financing. \"This is a very unique transaction,\" McFadden said, adding that the two condominiums will have separate ownership and financing stacks but will share building amenities.

CalHFA staff said the construction lender for both transactions is Berkadia and that Boston Financial and Monarch Private Capital will invest in the federal and state tax credits respectively. The senior construction financing is through HUD’s 221(d)(4) insured loan program; at permanent closing CalHFA will take out the financing for Condo 2 with a HUD risk‑share loan secured against Condo 2’s fee interest while Condo 1 will remain under HUD 221(d)(4) financing.

Under the ownership arrangement, condo 2 will pay a land‑use fee of $250,000 a year to condo 1 for 40 years. Housing finance officer Kevin Brown explained the land valuation: \"The land value is about $30,000,000. The land value being attributed to condo 2 is about $10,000,000. Seven million of that is being capitalized upfront, and the rest of that is being paved into [a] land use fee, $250,000 a year, amortized over 40 years.\" McFadden said CalHFA will require a reserve equal to one year of the land‑use fee in case the payment harms Condo 2’s operations.

Because the two condos share the same building and amenities, fair‑housing scrutiny was an important underwriting issue. McFadden told the board that HUD’s Fair Housing Office reviewed and approved the unit allocation and that the HUD National Loan Committee approved the construction loan only after HUD’s fair‑housing concurrence; the city and county of San Francisco also approved the allocation. \"HUD’s National Loan Committee who approved the construction loan for this whole project would not have approved this deal without concurrence and approval from the fair housing office,\" McFadden said.

Developer Patrick McNerney said parking will be a mix of public garage spaces and 28 new spaces in the new structure; he said about 12% of the new on‑site parking is earmarked for affordable units to comply with San Francisco’s inclusionary rules, and that the public garage is operated as part of the market condominium but open to all users. McNerney emphasized that residents in the affordable condominium will have access to the same on‑site amenities — including a two‑story gym, rooftop spaces, a game room, coworking and a party room — and that the project will include an on‑site childcare facility operated by a local provider with slots prioritized for building residents.

Board members pressed staff and the developer on fair‑housing analysis, the allocation of units across floors and how amenities and parking will be accessed and managed. Several board members said they were encouraged by the mixed‑income model and asked staff to track occupancy patterns and the project’s outcomes as a potential model for future developments.

After public comment (none) the board approved Resolution 25‑17. The roll call recorded unanimous approval of the resolution.","mediaType","Video","parentTitle","CalHFA General Board Meeting - 06/23/2025","oneSentenceSummary","The California Housing Finance Agency on June 23 approved loans to finance the affordable portion of Sutter Street, a new‑construction, mixed‑income project in San Francisco that will occupy a single 22‑story building and be split into two separately financed condominiums.","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},6188477,"CalHFA reports more than 800 applications for Calusas mortgage fund after June launch",209,611000,820000,"/Search/View?dp=1&key=5062244-dac45c605442c0fc047b19927dc159f2&start=611&end=820","https://assets.pipeline.soar.com/5062244-dac45c605442c0fc047b19927dc159f2/thumbnail_611000.jpg","/articles/6188477/California/CalHFA-reports-more-than-800-applications-for-Calusas-mortgage-fund-after-June-launch","https://secure.pipeline.soar.com/6188477-a7817cc7ba06af7d4350ef108f3922b6/orig.mp4?Expires=1771128419&Signature=dXTx3XsjKVDXrCzTvs~1TrtbtnpVd5ExkIevBdyZLrlvaL6huu3BnIUmp5qOGbnaxpYSbTGypM9zK1uUAqLgeFye4h2kQyOHA7P9R~03-G2gfvGFor0TBgAxfFkWuEn7Jo66-FxTTIql8uF8ygCFrGuiHbGlPCNM8666P7n0J5~EKdv8wS0mSyyuCj70kpnS0snrrmWHiEz-Mv0bvowtb6MfW5Recly7SdUKNOBPhV2MVO-vkV4sQar02v2L6LTTU6nb6RGXS4-u-6qMgiw3BD3vduMWD01jayVMxrqWLLe9uDiTRwgSPYwFXjJIl92DSLZtarJv4ofc8QztVYKw2A__&Key-Pair-Id=KUT5TJCACFTXG","Acting director Rebecca Franklin updated the California Housing Finance Agency board on June 23 about the Calusas mortgage fund, a disaster relief program the agency stood up this month to assist homeowners whose dwellings were destroyed or made uninhabitable by recent disasters.

Franklin said CalHFA announced the program on June 5 and opened applications on June 12. \"As of Friday, we've had over 800 applications submitted. We also have over 800 applications saved,\" she told the board, adding that staff will follow up with homeowners who saved incomplete applications to offer assistance in completing them. Franklin said applications have come from the Altadena and Palisades fire areas and other disaster locations across the state, including flooding and winter storms.

Franklin described outreach efforts that included Spanish‑language interviews, media engagements with regional outlets and in‑person community assistance events in the Los Angeles area coordinated with Cal OES and community‑based organizations. She said the program web site (callusesmortgagefund.org) hosts toolkits and resources for applicants.

Franklin read a survey response from an applicant to illustrate program impact: \"Thank you for providing this opportunity to my son and I. It's been very difficult financially providing after the Eaton fire,\" she said, attributing the text to an applicant on the program’s first day of applications. Franklin told the board CalHFA is working with partners in the governor’s office and the Department of Housing and Community Development to implement the program and praised the speed of set‑up: \"This is government work at its fastest and finest,\" she said.

Board members asked about outreach, multilingual supports and community events; Franklin said staff and local partners will continue on‑the‑ground assistance and follow up with saved applicants to help complete submissions.

CalHFA staff said they launched the site and toolkit to support applicants and will refine intake and outreach as applications are processed.","Acting director Rebecca Franklin told the CalHFA board that the agency launched the Calusas mortgage fund for homeowners whose homes were destroyed or rendered uninhabitable by recent disasters and that more than 800 applications have been submitted and over 800 saved since applications opened June 12.",{"_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},6188481,"CalHFA board adopts final year of strategic plan, approves $50.5M operating budget; staff outlines revenue challenges and capital‑markets moves",5716,3684000,9400000,"/Search/View?dp=1&key=5062244-dac45c605442c0fc047b19927dc159f2&start=3684&end=9400","https://assets.pipeline.soar.com/5062244-dac45c605442c0fc047b19927dc159f2/thumbnail_3684000.jpg","/articles/6188481/California/CalHFA-board-adopts-final-year-of-strategic-plan-approves-505M-operating-budget-staff-outlines-revenue-challenges-and-capitalmarkets-moves","https://secure.pipeline.soar.com/6188481-71394fe2ce5a8292611bcf91130f9e5e/orig.mp4?Expires=1771128419&Signature=gQuTfhh4yTm1E-5lUsYU5HVxvX7~N0Dbi9UvYy6EaI8n0uJ3u8peOJ5AIOBFwHrWa58EidW49ZMT-M~5~VwSWT7wIS--v9ObKLm-AdCXx4JIrlFvMrNbEOF0AvFTU8P7tNy57-wHyeh2CEt8wHEaB4XpzCmsv13An2ltlpyV3P3gnXiXZ9i5my8u7YQTzOU1WWMoKUbe5sOuEAxy7uDBY6hXRnCsZKcYfNw6-xEkhnfoA3OKlc0sGDf-z1GroD-iugkvXBjCmGEvug~aPfvCwgNLBTdI8G4EX8kqUPqsFtNaDPgWd~LP4FYXaPpZDVfZcPDXjvJEmR0FTMu9ccZDtA__&Key-Pair-Id=KUT5TJCACFTXG","The California Housing Finance Agency board on June 23 approved the agency’s business plan for fiscal 2025–26 and adopted an operating budget for the coming year while hearing a capital‑markets briefing that staff said both steadies access to funding and shows the agency is adapting to market volatility.

By formal action the board approved Resolution 25‑19 to authorize the updated one‑year business plan that closes out the agency’s current three‑year strategic cycle and Resolution 25‑20 to adopt the fiscal 2025–26 operating budget. Acting director Rebecca Franklin and finance staff told the board the plan focuses CalHFA on expanding multifamily lending, preserving financial sustainability and investing in operational capabilities and technology to support growth.

Staff reported production and revenue targets that reflect current market conditions: a single‑family production goal of 4,000 units for the coming year and a multifamily production target of just over 4,700 units. Kelly Mattson, who presented strategic measure updates, said the Turner Center first‑time homebuyer market study is near completion but delayed and expected in July; she noted one planned initiative — a mortgage‑professionals newsletter — was canceled after stakeholder feedback indicated it would not add value.

On the budget, staff proposed $50.5 million in operating expenses for fiscal 2025–26, an increase of about 9.2% year over year driven largely by salaries and benefits and by one‑time investments in technology and program capacity. Staff projected overall revenues of roughly $57 million; single‑family revenues were expected to fall about 26% year over year while multifamily revenues were projected up about 7%.

Finance director Erwin Tam briefed the board on capital‑markets activity, the agency’s two new bond indentures and recent transactions intended to expand CalHFA’s access to capital. Tam said the agency has priced multiple bond series this year and launched a taxable program to support single‑family lending alternatives. He also described how earlier hedging and related actions produced one‑time proceeds: \"Because we acted in 2021 and 2022 to hedge the agency's risks, this agency received $24,000,000 in revenue from our termination of hedges,\" he said, and staff used some of those funds to manage bond liabilities and reduce short‑term execution risk.

Tam described the My Access program and noted CalHFA’s recent steps to establish repeatable bond execution platforms for multifamily and single‑family financing. Acting director Franklin framed the upcoming year as one of targeted investment: \"We cannot continue to do the same things we're just doing. We need to branch out,\" she said, describing pilots and proof‑of‑concepts to increase multifamily production and revenues.

Board members asked about downside risks — including tax credit investor retrenchment, construction timing and interest‑rate volatility — and staff described the agency’s operating reserves and financial‑risk policies that allow management to adjust contracting and staffing before drawing reserves. Board members also recommended deeper benchmarking against other state housing finance agencies and asked staff to bring more detailed pipeline and portfolio reports to future meetings. The board approved both resolutions by roll call.","The CalHFA board approved the agency’s fiscal 2025–26 business plan and operating budget and heard staff updates on unit production goals, market pressures, and recent capital markets activity including new indentures, bond transactions and hedge terminations that produced one‑time revenue.",{"_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},6188488,"CalHFA approves financing for 94‑unit Monterey Family Apartments in Gilroy; soil and flood mitigation noted",353,3352000,3705000,"/Search/View?dp=1&key=5062244-dac45c605442c0fc047b19927dc159f2&start=3352&end=3705","https://assets.pipeline.soar.com/5062244-dac45c605442c0fc047b19927dc159f2/thumbnail_3352000.jpg","/articles/6188488/California/CalHFA-approves-financing-for-94unit-Monterey-Family-Apartments-in-Gilroy-soil-and-flood-mitigation-noted","https://secure.pipeline.soar.com/6188488-f0314ad957596cd94966ba64440480bc/orig.mp4?Expires=1771128419&Signature=LGeQtwUjfJOyadkQu43vHFswzy~1TvR58kpF8rTRB-SjPK9yug-AEXSzpSzKsG-DDOppk~LpwGUb0IYw-jSkFzUpA-o0WmvyHw9Ro6LFYHumXfAd6JkgXlc8gGXLAY0Vf6OAvROJRTEzD6uVrGRNZRnsk0G63aB1fTN6gRWKQqHeG-1WdtO68XbWCIRJZBCRSbeTWiwwoKbODY1LW6U7ylCH1kYiAOlRr0yNDi72rJMZoYswwmt5tt09zgMRqOwmftPIBKsfH6L7RV7AO0DhM9UCgdL7sNA42YtCrdyeQPGIZeN9GluWSZ-023OVhTt~w9lUVaTF2vg8dur-oWHVSw__&Key-Pair-Id=KUT5TJCACFTXG","The California Housing Finance Agency board on June 23 approved financing for Monterey Family Apartments, a 94‑unit mixed‑income family development in Gilroy that will replace damaged commercial buildings and an existing dwelling on the site.

Stephanie McFadden, CalHFA’s director of multifamily programs, told the board the project will include 94 units across four three‑story walk‑ups, with 93 units rent‑restricted at 30–70% of area median income and one unrestricted manager’s unit. The construction lender is Citibank and Aegon Realty Advisors is the tax‑credit investor. The developer is Rome West Inc., an affiliate of Rome Development Corporation.

The site at 6630 Monterey Road suffered a fire on Oct. 26, 2024, which damaged structures and released hazardous substances into the soil. CalHFA said a soil management plan calls for removal of approximately 86 cubic yards of impacted soil for off‑site disposal. A supplemental Phase II report found soil gas concentrations do not pose a risk to future tenants, but the project budget includes $303,000 to install a vapor intrusion mitigation system if the Central Coast Regional Water Quality Control Board requires it.

The site contains a portion mapped in flood zone AH, areas with a 1% annual chance of shallow flooding. Board materials report the project will set the base floor elevation 24 inches above the flood zone and that flood insurance will be required until a final letter of map amendment is obtained post‑construction.

McFadden said the site consolidation will merge three parcels prior to construction loan closing, and the project expects bond allocation of $32,700,000 and to use $4,000,000 in recycled CalHFA bonds. Total development cost per unit was presented as $692,000. Board members asked about the post‑fire remediation and the prospects for a letter of map amendment; staff said they expect to obtain the necessary mapping revisions after construction.

After public comment (none) the board voted to approve Resolution 25‑18 authorizing the financing.","CalHFA authorized bonds and recycled bond financing for Monterey Family Apartments, a 94‑unit family development in Gilroy that includes remediation of fire‑damaged soils, a potential vapor intrusion system and construction above a flood plain.","actionData","errors"]

Article not found

CalHFA approves financing for 303‑unit Sutter Street mixed‑income tower in San Francisco

CalHFA reports more than 800 applications for Calusas mortgage fund after June launch

CalHFA board adopts final year of strategic plan, approves $50.5M operating budget; staff outlines revenue challenges and capital‑markets moves

CalHFA approves financing for 94‑unit Monterey Family Apartments in Gilroy; soil and flood mitigation noted