[{"_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",6165310,"mediaKeyId","5425327-ee643047d12a4a499d8b23e5d7f1d569","parentId",5425327,"title","CalHFA executive updates: disaster mortgage fund, agency reorganization and strategic planning","audioSeconds",478,"startMs",176000,"endMs",654000,"viewUrl","/Search/View?dp=1&key=5425327-ee643047d12a4a499d8b23e5d7f1d569&start=176&end=654","thumbnailUrl","https://assets.pipeline.soar.com/5425327-ee643047d12a4a499d8b23e5d7f1d569/thumbnail_176000.jpg","articleUrl","/articles/6165310/California/CalHFA-executive-updates-disaster-mortgage-fund-agency-reorganization-and-strategic-planning","mediaUrl","https://secure.pipeline.soar.com/6165310-b53d2c5ff9dd8d23defd54d388da8c33/orig.mp4?Expires=1771170612&Signature=BphuwTB0IGlkuewugRVruHByPoGHRLWpvmRkDQx7BZXDNStijFr1-liFnCBkYyGu4nY7P8hdYYkssQlFZ-NvXG-ipzTJEZrKArmLPku9SoI-xYUYCUrzGClH7VP27vU~xkaUaze~M932D2uNNB2NbYGmXxwadNTqlCrQcOy0PWizxY0yStdBMLH1GusgMqP1KOY-I05-f9OHfLXWtAO3lSWiZ8llhbYSyuLvjfoRkYi1O2nig7XZz-iNHJYDDwRERY4Fz68rrmkP4ew4b3NuKjXGV-8Q8wmqv1dzktBE7Y-ehwBkMYcnff8v02tS2qmuJ8O~i3RWvSMVi-ipUIOrLw__&Key-Pair-Id=KUT5TJCACFTXG","author","CalHFA Board Meetings 2025","date","2025-07-18T16:32:23.867Z","article","CalHFA executives provided several agency updates, including a report on a disaster mortgage assistance program, the governor's approved reorganization plan affecting housing agencies, upcoming strategic planning and workshops, and recognition for CalHFA's financial reporting.

Rebecca (full name not specified in transcript), a CalHFA executive, opened with an update on what she called the Calus Mortgage Fund, a disaster mortgage assistance program administered by CalHFA on behalf of the state. She said the fund has accepted applications for slightly more than a month for homeowners whose homes were destroyed or rendered uninhabitable by disasters occurring in the January 23'25 period; the program had received about 1,200 applications, with roughly 5% from outside the primary affected area and the majority from homeowners affected by the January fires in Southern California.

Rebecca said outreach continues through state partners including Cal OES and the Department of Housing and Community Development and community-based organizations, and that Spanish-language media and culturally competent outreach are part of the effort. She said the program evolved from COVID-related ARPA-funded relief elements and that staff are working to make the application process accessible.

Rebecca and Deputy Secretary Kergan briefed the board on the governor's reorganization plan to split the Business, Consumer Services and Housing (BCSH) umbrella into two agencies: a business/consumer-focused agency (including DFPI and consumer affairs) and a California Housing and Homelessness Agency focused on housing, homelessness and civil rights, with a cabinet-level secretary. Kergan described the reorganization as having gone through formal legislative review and passive approval processes and said the new agencies will be stood up formally on July 1. Rebecca said CalHFA would work with the administration over the next year to stand up elements including a new Housing Development and Finance Committee (HDFC) and to streamline asset management and a single application system for state affordable subsidy programs.

Rebecca also announced that CalHFA's Popular Annual Financial Report (PAFR) and annual comprehensive financial report had again earned the Government Finance Officers Association award for outstanding achievement for the eighth consecutive year. She recognized staff in communications and fiscal services, and announced a promotion: Kevin Brown was promoted to housing finance chief for multifamily programs.

Rebecca reminded the board of an upcoming strategic-planning workshop (the second of two sessions) and asked members to participate in shaping the agency's multi-year strategic goals. She noted staff would bring updates at future meetings and that CalHFA leadership is attending National Council of State Housing Agencies meetings to track federal policy changes.

Board members thanked staff for outreach and program work, asked clarifying questions about program outreach and eligibility and commended the agency on the award and staffing recognition. No board action was required on these information items.","mediaType","Video","parentTitle","CalHFA General Board Meeting - 07/17/2025","oneSentenceSummary","CalHFA executives updated the board on the agency's disaster mortgage assistance, the governor's reorganization plan creating a California housing and homelessness agency, plans for a new development and finance committee, and upcoming strategic-planning workshops; staff also highlighted a promotion and the agency's annual financial-report award.","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},6165314,"CalHFA outlines bond-recycling results, pipeline and 5035 Coliseum Street project",1603,2998000,4601000,"/Search/View?dp=1&key=5425327-ee643047d12a4a499d8b23e5d7f1d569&start=2998&end=4601","https://assets.pipeline.soar.com/5425327-ee643047d12a4a499d8b23e5d7f1d569/thumbnail_2998000.jpg","/articles/6165314/California/CalHFA-outlines-bond-recycling-results-pipeline-and-5035-Coliseum-Street-project","https://secure.pipeline.soar.com/6165314-e800bc9b68bc65bc424046cb288b6fbf/orig.mp4?Expires=1771170612&Signature=Xgtee9-q8niWoaz1I-jE-6aoQ7jiSOGVkiFankyPBehZDWnXVUvJQ2ERuXVcsEcxDJq0K7AGHTROHwbAxNRGUy3Nu6xdXlhJLkdqO5z~osL6jyh2w8EGJ5espaKJqoCmONvIFwD81W2dSTeO2~NIW~uF9YtSXcBmv~EBzvAarVvGVQ0rQBwu8rgZVfbke5QIGtNzp7GnhHv6rWnVxBxS7noMDecOLIWgoggIltJiwXeBlU8JY25qujN-MRVzv3iAhES9DuHip7wn5S-46Td7wAaGkfemimQWdQSLEMdEkDWODAikI5DYq9AX1pVdyeyXwvKy4wI7QJmXwzojQKAbZQ__&Key-Pair-Id=KUT5TJCACFTXG","CalHFA's financing team updated the board on the agency's five-year bond-recycling program, reported nearly 7,000 units financed through the mechanism, and described a substantial pipeline of demand (roughly $500 million). Staff also introduced the Coliseum project (5035 Coliseum Street), a large mixed-use development in South Los Angeles proposed by developer Thrive Living.

Erwin Tam, CalHFA's director of financing, said the agency's bond-recycling program allows redeployment of tax-exempt bond capacity across unrelated multifamily projects through a letter-of-credit structure; Apple had been the corporate sponsor for five years. \"For the past 5 years, Apple has provided this letter of credit for the agency,\" Tam said, and then summarized program results: roughly 6,999 units financed under the program and a pipeline with about half a billion dollars of demand. Tam cautioned a recent federal tax-law change that reduces the applicable \"25% test\" will limit future opportunities; he said the change will affect new bond issuances beginning Jan. 1 and that emergency regulations for round 3 are anticipated on Aug. 5.

Tam explained the program's mechanics and operational constraints: the recycled bond benefit is a lower cost of capital (no additional tax credits), a typical permanent financing share of the capital stack is around 25%, and the agency must coordinate frequent draws and redeployments because preserved bond capacity has a limited useful period (staff described it as roughly a six-month \"shelf life\"). Tam said the original Apple letter-of-credit has expired and going forward the agency will rely on new letters of credit provided by Royal Bank of Canada and U.S. Bank.

As an example of pipeline demand, CalHFA introduced 5035 Coliseum Street: Zach Bridal of Thrive Living said the project would provide 800 apartments on about 4.96 acres in South L.A., with 184 units reserved for low-income households (not to exceed 80% AMI), and a Costco on the retail portion. Bridal said the project includes extensive subterranean parking (about 1,500 spaces) and that the development team pursued community engagement and focused on services and retail desired by neighbors. He said the project uses ministerial entitlements under Assembly Bill 2011 and pairs project-based RAD vouchers from the Los Angeles Housing Authority for a portion of the affordable units.

Board members asked technical questions about how the tax-exempt benefit and recycled bonds interact with CDLAC/TCAC 50%/25% mechanics, the timing window for using recycled capacity and whether the agency could use government-purpose tax-exempt bonds as another tool. Tam said recycled bonds remain viable for projects already allocated under the older 50% test and that the agency is exploring government-purpose bond options and other conduit arrangements.

Directors flagged the policy urgency: the tax-law change and the limited shelf life for preserved capacity mean staff must coordinate rapidly to deploy recycled benefit for eligible projects in the pipeline. Tam said he expects opportunities to continue in the near term for projects already allocated under the 50% test but that new issuance rules will shrink future opportunities. No action was required; the presentation was informational and staff will continue to work with developers and bond markets to match supply and demand.","CalHFA staff summarized five years of bond recycling that helped finance nearly 7,000 units and described a large pipeline demand (about $500 million); staff and a private developer presented the 5035 Coliseum Street proposal (800 units, 184 affordable) that would rely on recycled tax-exempt bonds and other tools.",{"_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},6165319,"CalHFA transfers roughly $5.4 million from forgivable homebuyer account to State Route 710 sales program",782,2197000,2979000,"/Search/View?dp=1&key=5425327-ee643047d12a4a499d8b23e5d7f1d569&start=2197&end=2979","https://assets.pipeline.soar.com/5425327-ee643047d12a4a499d8b23e5d7f1d569/thumbnail_2197000.jpg","/articles/6165319/California/CalHFA-transfers-roughly-54-million-from-forgivable-homebuyer-account-to-State-Route-710-sales-program","https://secure.pipeline.soar.com/6165319-505a6b43f1149007e0125bafd1398509/orig.mp4?Expires=1771170612&Signature=TjUbbav6GA1HETGrTWmvkKXxpQzMRDU0zTBhFrAU94f7NCUpa0cNp0WTfNRddweeFDbOuPq-CdnIqbYAiCAHj6KaLYlLz3g0RZoDGwrjf-Qufl5ggg6B3-VyjI89fYNmW328PqLrGmK6wibXE3qMM2Z~YdVJmmIGVG2qBT9Zvk60t1iEkA1055cwTReegMIlxF59oEFV1Yxjv~Z54-P70OpAt8MK3UDefGxLqN1Az9W2i-7CtTKDEq0uZxlXwywIdA9TEV3Xwkd2zrVl4TQ1uCZQfIqP9QouoSkgp7tkRQaTOH-cxXSh5yF7tqIrRtXf68L67lEl6U2oQ2ELgbxsGA__&Key-Pair-Id=KUT5TJCACFTXG","The California Housing Finance Agency board approved Resolution 25-22 to move approximately $5,400,000 of uncommitted SB 129 funds from the closed forgivable equity-builder loan program into the State Route 710 affordable sales program. The motion to approve was moved and seconded and passed on roll call.

Ellen Martin, CalHFA's director of home ownership, told the board the agency received a $100 million SB 129 allocation in the 2021 budget act. The board initially directed $88 million to a forgivable equity-builder program that provided silent second loans (forgivable over five years) for down payment and closing-cost assistance to households at or below 80% of area median income. The remaining $12 million was allocated to a partnership with Caltrans for the State Route 710 affordable sales program.

Martin said after accounting for loan fallout, some repayments and interest earnings, about $5.4 million remains in the forgivable account. \"We now have approximately $5,400,000 remaining in the forgivable account. So today, we are requesting that the board transfer those remaining uncommitted funds to the State Route 710 program,\" she said.

The State Route 710 program works with Caltrans properties in Pasadena, South Pasadena and Los Angeles that Caltrans acquired decades ago for a planned freeway extension that did not proceed. Caltrans must first offer the homes at an affordable price to low- and moderate-income occupants; when occupants do not qualify or decline, localities have options including purchasing the properties or releasing them for sale at fair market value under Caltrans regulations. Martin said the program uses a private-sector lender to originate loans because CalHFA is not an originating lender; phase one used Mountain West Financial and the current originator is American Veterans Mortgage.

Board members praised the program design and asked about safeguards that ensure the houses are habitable and the lending partner's willingness to operate on heavily deed-restricted properties. Martin said the program requires FHA-quality standards at purchase, including a two-year roof certificate, functioning HVAC, and a home-buyer warranty; CalHFA staff said lenders require hand-holding because deed restrictions make repurchase riskier.

Director Limon and others noted the program could be a useful prototype to expand in other contexts to increase entry-level homeownership in California. No public commenters spoke on the item during the meeting.

Staff recommended the reallocation because the SR-710 program's funding needs \"appear to be on track to exceed the current allocation\" given the number of properties preapproved and preapproval amounts, and because restarting the closed forgivable program for a small number of loans would not be operationally viable. The motion passed by roll call; courtney called the roll and the board approved Resolution 25-22.","CalHFA's board approved Resolution 25-22 to reallocate about $5.4 million in uncommitted SB 129 homebuyer assistance funds from a closed forgivable equity-builder program to the State Route 710 affordable sales program, which helps low- and moderate-income occupants buy Caltrans-acquired properties in Pasadena, South Pasadena and Los Angeles.",{"_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},6165324,"CalHFA board approves $2.4 million permanent loan increase for Marina Village",1175,997000,2172000,"/Search/View?dp=1&key=5425327-ee643047d12a4a499d8b23e5d7f1d569&start=997&end=2172","https://assets.pipeline.soar.com/5425327-ee643047d12a4a499d8b23e5d7f1d569/thumbnail_997000.jpg","/articles/6165324/California/CalHFA-board-approves-24-million-permanent-loan-increase-for-Marina-Village","https://secure.pipeline.soar.com/6165324-0dcb78a9a19bfdfab960d5fb6a6a8377/orig.mp4?Expires=1771170612&Signature=JOl2xh0NLjba-pOa7wrLQfvaVQoPLuVXN~Dr27DWeW-o-g~o89DIBY8PtfMGXAO8HrFeDtE2mqaumQfZvo9-~q5CllhIwOJSb4202KgvxGDcdIHWA2ZGwrc5--CyjWAbfT9NaDF5WJw0bPE83~Io7hvXooO7shAmirN0I9ZB7j8neDLmxXXs7v129KEcruKMMbmVzjdm1KI1IgzZGTtjHqs-i-TybkHdw3ZEEZ0NN79eIyWivmnyeCxk1mqHWOn-LstrZiIg2dJOCv8Nrdjr0a6g-tt1M4X6XLDwtRpSyYyyVGXstREVs7sp7x7HCPnRf7eBEv4dyt0l52jU0gSp5w__&Key-Pair-Id=KUT5TJCACFTXG","The California Housing Finance Agency board on a voice roll call approved Resolution 25-21 to increase the agency's permanent loan for Marina Village by $2,400,000, a roughly 10% increase to the project's permanent financing. The motion to approve was made by Director Russell and seconded by Director Sotelo; the roll call showed the motion passed with board members voting in favor.

The board heard details from Stephen McFadden, CalHFA's director of multifamily programs, who said Marina Village is a 160-unit family project in Suisun City, Solano County, developed by Solano Affordable Housing Foundation and originally financed under CalHFA's 2021 Mixed Income Program. \"This is a permanent loan increase request that exceeds 7% of the original commitment amount,\" McFadden said, explaining the item required board approval. He said projects that started construction in 2021'22 faced COVID-related delays, higher construction costs and rising interest rates, and that the agency is seeing more conversions request increases at permanent financing.

McFadden described specific factors at Marina Village: the construction lender (JPMorgan Chase) faced higher variable interest costs during construction; vandalism led to theft of backordered electrical switchgear; and the tax credit investor is R4 Capital. He said, \"To help cover these costs, the developer is requesting a $2,400,000 increase to our permanent loan, which is a 10% increase.\" CalHFA said it has locked the conversion interest rate and the new hybrid rate will be 4.24%.

CalHFA underwriting found the project remains within the agency's debt service coverage and loan-to-value limits, in part because higher AMI levels allow higher rents than originally modeled. McFadden said the CalHFA Mixed Income Program unpaid balance at refinance remains zero under the proposed structure.

Board members focused several questions on developer fee treatment and the Mixed Income Program (MIP) repayment timeline. Director Sotelo asked whether increasing the deferred developer fee would delay repayment to the MIP; CalHFA staff and Kevin Brown, the agency's housing finance officer, explained that the developer fee at board approval rose from about $7.2 million to $11.3 million, and that the revised cash flow will defer some MIP receipts for a short period but, as under the original approval, the agency expects full repayment over the long term. Brown said the deferred developer fee will be repaid under the revised structure and \"we still end up at maturity with 0 MIP outstanding.\" He added that payments toward the MIP start later in the cash flow and extend through later years of the model (staff referenced payoff patterns beginning around the mid- to late-teens of the model and continuing toward maturity).

Directors and staff emphasized the broader market trend: McFadden said 71% of recent conversions required loan increases and 14 additional loan conversions were scheduled in the next six months, reflecting industry-wide construction and financing pressures. Several board members said they supported the loan increase to protect CalHFA's on-going investments and to enable occupied affordable units to reach permanent financing.

The board then voted to approve Resolution 25-21. No public commenters spoke on the item at the meeting.

CalHFA staff noted ancillary concessions in the transaction: additional equity proceeds, an increased deferred developer fee, the addition of a fully subordinate development-deficit loan, and an insurance claim for vandalism damages. The staff recommendation to the board was to approve the loan increase based on the updated underwriting and appraisal.

The approval will allow the conversion to proceed with the newly sized permanent loan and the locked hybrid interest rate; staff indicated similar conversion requests will come before the board as other projects from that 2021 construction period reach permanent conversion.","The California Housing Finance Agency board voted to approve a $2.4 million (10%) permanent loan increase for Marina Village, a 160-unit mixed-income project in Suisun City, citing COVID-era cost and interest-rate increases; the board discussed effects on developer fee timing and repayment of agency subsidy (MIP).","actionData","errors"]

Article not found

CalHFA executive updates: disaster mortgage fund, agency reorganization and strategic planning

CalHFA outlines bond-recycling results, pipeline and 5035 Coliseum Street project

CalHFA transfers roughly $5.4 million from forgivable homebuyer account to State Route 710 sales program

CalHFA board approves $2.4 million permanent loan increase for Marina Village