[{"_1":2,"_100":-5,"_101":-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],{"_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",5978150,"mediaKeyId","5797270-7d9b43893f094e495286d6294ff22fda","parentId",5797270,"title","CalHFA legislative director briefs board on state bills and federal housing developments","audioSeconds",131,"startMs",5258000,"endMs",5389000,"viewUrl","/Search/View?dp=1&key=5797270-7d9b43893f094e495286d6294ff22fda&start=5258&end=5389","thumbnailUrl","https://assets.pipeline.soar.com/5797270-7d9b43893f094e495286d6294ff22fda/thumbnail_5258000.jpg","articleUrl","/articles/5978150/California/CalHFA-legislative-director-briefs-board-on-state-bills-and-federal-housing-developments","mediaUrl","https://secure.pipeline.soar.com/5978150-830e64c10551454ce27031df670e16d7/orig.mp4?Expires=1776151696&Signature=HpKYHK0eju1vPwd5AbP0PjLeqHnixiC0QeFGnIhnJGXS3EtV17AJuX~odJWcyegsFG7qTqNxuJh6DR3~GOocRgqJ1omJ8NPRZRdZZI~K163ygbBL1nHJJ5gn-LQFpdLZsBiREaht3WnVvRsPVZrToclvogvm0x4AsE4U5AAvUw0jK98zDpLmQio45QlBAJLexhVKO~l8zyA0YmDnzsmU-NnVVcECh0j485hOdos2K-4lxq7-mgwfMW-tt~0CDNXYGgVxbmhqqdhuvpkt1DFC4g-aUM7QZBG~YJIgNwjlnn4H6od9Af4g7Giqwi5JugsMpGm5Z9a~lyhNRW~ZvHrRDA__&Key-Pair-Id=KUT5TJCACFTXG","author","CalHFA Board Meetings 2025","date","2025-09-19T07:59:01Z","article","CalHFA's legislative director briefed the board on Sept. 18 about state bills relevant to the agency and federal developments that could affect affordable housing financing.

At the state level, Mejid Tabar told the board that Assembly Bill 57, which would create a Dream for All geographic set-aside for descendants of enslaved persons, had passed both houses and was on the governor's desk. He also reported that Senate Bill 750 (a loan guarantee/credit enhancement proposal that explicitly named CalHFA earlier in the session) was held and may be revisited in the second year of the two-year legislative session. Two housing bond measures (AB 736 and SB 417) remain active and are expected to move forward next year as two-year bills.

On the federal front, Tabar summarized the recent reconciliation package the president signed and subsequent rulemaking and guidance the agencies are issuing. Key points flagged for CalHFA include a permanent 12% increase in the 9% low-income housing tax credit (LIHTC) authority and a reduction in the bond-financing threshold for the 4% credit from 50% to 25%. Tabar said preliminary estimates suggest these changes could support roughly 200,000 new rental homes in California and create about 300,000 jobs, though he cautioned final impacts depend on guidance and market pricing.

Tabar also highlighted the Road to Housing Act, a bipartisan federal housing bill that has proposals ranging from Community Reinvestment Act-related reforms to NEPA streamlining and expanded HOME funding. He said the bill remains under consideration in Congress and contains language that could broaden ADU financing and expand manufactured housing eligibility.

Board members asked about potential impacts to the agency's multifamily portfolio and tax-credit pricing. CalHFA staff said the increase in tax-credit supply may reduce credit prices, creating feasibility gaps that will likely increase demand for additional soft subsidy and change the profile of projects that are feasible. CalHFA staff are reviewing their portfolio and will monitor changes in tax-credit pricing and investor demand.

Ending: staff committed to tracking federal rulemaking and legislative developments and to return to the board with any direct implications for CalHFA programs and multifamily finance.","mediaType","Video","parentTitle","CalHFA General Board Meeting - 09/18/2025","oneSentenceSummary","CalHFA\u0000legislative director Mejid Tabar briefed the board on bills heading to the governor (including AB 57 and SB 750), the paused SB 750 loan-guarantee proposal, and federal housing developments such as the reconciliation package changes to LIHTC and the Road to Housing Act.","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},5978155,"CalHFA reports nearly 7,000 households served in FY24-25; MyHome, Dream for All, MyAccess, and Zip explained",2176,1312000,3488000,"/Search/View?dp=1&key=5797270-7d9b43893f094e495286d6294ff22fda&start=1312&end=3488","https://assets.pipeline.soar.com/5797270-7d9b43893f094e495286d6294ff22fda/thumbnail_1312000.jpg","/articles/5978155/California/CalHFA-reports-nearly-7000-households-served-in-FY24-25-MyHome-Dream-for-All-MyAccess-and-Zip-explained","https://secure.pipeline.soar.com/5978155-17c9be877a806dcbbb66acfb4e308cf2/orig.mp4?Expires=1776151696&Signature=DOGg6tDwyPtMqTbsqwCjzUqPhvFeWtkf3K1PT7my-Dgcj-qfk2bz2ExzXkTgrpoRQ5I7gufdl3k2lrkm74a9bkPRtGuY6S1-ngPeXTTKF1GxiHe5CxF2CYDDRMB5YqaTdbkuH6k~C~qBprPtRTGAHconCdYYj2I1Ha5vo8L019iH76RHULI1f1etaWn9Fw66Fkr1Ug-9FFZ7GzBiEPE63Uv1JLAitnF9uHUK~cMfK39Q37clOXb-amIkX-KomIjAPq9nlsLaBtzTv4s7xz903G0WBDumjPH-OnxwahzSz0qvgNfZDlmaTcumo2pkBw6cb6nqC68MnU-~YHpQ3OF5cg__&Key-Pair-Id=KUT5TJCACFTXG","CalHFA officials told the board on Sept. 18 that the agency\u0000single-family down payment assistance programs served nearly 7,000 households in fiscal year 2024\u000025, dispersing about $280,000,000 in down payment assistance loans that supported roughly $3,100,000,000 in first-mortgage securitizations and generated $63,000,000 in operating revenues.

The presentation, led by Ellen Martin, CalHFA\u0000director of homeownership, traced program performance across MyHome (the agency\u0000flagship program), Dream for All, the Zip 0%-interest closing-cost product, and the newer MyAccess taxable bond-funded product.

Why it matters: the agency\u0000business model pairs low-cost subordinate down payment assistance with a CalHFA-originated first mortgage that is then securitized on the secondary market; proceeds from those transactions fund CalHFA operations and recycle down payment assistance funds.

Martin summarized key FY24-25 results: down payment assistance programs served nearly 7,000 households and provided $280 million in assistance; Dream for All accounted for over 70% of total assistance dollars but only about 24% of borrowers because Dream for All awards are larger per household. Conversely, MyHome made up roughly 24\u000028-28% of total loan dollars but accounted for about 71% of borrowers helped.

Martin described product mechanics: \"My Home is a second lien loan that provides up to 3 and a half percent down payment and closing cost assistance,\" she said. MyHome is a silent second with a simple 1% interest due on sale or refinance. Zip provides an additional 2\u00003% for closing costs at 0% interest but typically raises the first-mortgage rate 75 to 125 basis points. MyAccess, launched in March, is funded via taxable mortgage revenue bonds; it usually carries a higher rate than MyHome but offers more flexibility for down payment and closing-cost uses than Zip.

Board members asked practical questions about lender and community partnerships, use of CDFIs and community-based organizations, condominium financing constraints, and program sustainability. On lender participation, Martin and Molly Ellis, head of Lender Services, said CalHFA\u0000relies on an approved lender network to originate first mortgages; CDFIs and credit unions can originate if they meet CalHFA criteria. \"Those lenders do not have to offer CalHFA programs and products,\" Martin said, underscoring the need to design lender-friendly products.

On sustaining the model, Martin explained that CalHFA does not receive general fund support for its core operations and instead depends on margins from the first-mortgage securitization to fund operations. Martin and Deputy Finance staff warned that directly funding larger subsidy loans from taxable bond executions or program reserves would not be financially sustainable for the agency as currently designed: \"down payment assistance by nature... is not financially sustainable for the agency,\" one staff member said during Q&A.

Martin highlighted geographic patterns: MyHome performs strongest in inland regions (Capital Region, Central Valley, Inland Empire and rural areas) where home prices are lower; Dream for All\u0000set-asides shifted participation in coastal counties and affected the racial/ethnic composition of recipients in FY24-25.

The board and staff discussed next steps for program design, performance measurement, strategic plan alignment, and outreach. CalHFA said it will refine MyAccess metrics and consider modest adjustments to the Calusas mortgage relief fund criteria; staff will return with program updates and any proposed program-rule changes at upcoming meetings.

Ending: the presentation closed with board appreciation for staff outreach work, lender relationships and operational details; no public comment was received on this agenda item.","CalHFA presented performance data for single-family down payment assistance programs: nearly 7,000 households served in fiscal year 2024\u000025, $280 million in assistance dispersed, $3.1 billion in first-mortgage securitizations, and $63 million in revenues that funded 70% of agency operations.",{"_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},5978160,"CalHFA audit committee recommends MGO after competitive RFQ and interviews",221,939000,1160000,"/Search/View?dp=1&key=5797270-7d9b43893f094e495286d6294ff22fda&start=939&end=1160","https://assets.pipeline.soar.com/5797270-7d9b43893f094e495286d6294ff22fda/thumbnail_939000.jpg","/articles/5978160/California/CalHFA-audit-committee-recommends-MGO-after-competitive-RFQ-and-interviews","https://secure.pipeline.soar.com/5978160-bb05bc1ccb1d68f375a00ca06b756513/orig.mp4?Expires=1776151696&Signature=MxqNQon0X995Y9eW0Ywx4hj0umt-j1Eca0Rf9WxkYFTvO4tkRwaP250ukoPUMnXrSz8srlGRpiq8An2gKzF~nCHqZ4OAqnIf1Xz3VIi4oR5Q0MOdNORvhduY7Jam5ql8sZwyY8ss7dkqvMrT~VfZPctRFk83nbDRpMFl-9YYdgPH6NWq5kzYv5uP-IybfAWSNDKpuZeLYqHoYp1qI75nTBZfROU~18NESXURPeLRbQ57VaSc9vt4QTO95CtOnX4t6yv5uuMPJ~fm5vcA0uVGMukpXDsRIJia~aPNkFyggjnJMWRID-N~0NSM0IrfgCe~zhF32-cF2-L~8gMYWuALdA__&Key-Pair-Id=KUT5TJCACFTXG","The California Housing Finance Agency\u0000(CalHFA) Audit and Risk Management Committee unanimously recommended Macias Gini & O'Connell (MGO) as the agency\u0000independent auditors after a multi-step, competitive selection process that began earlier this year.

The committee, chaired by Dolores Sotelo, told the full board on Sept. 18 that staff issued an RFQ in June 2025, received five proposals, screened them to two finalists, and conducted standardized interviews this morning. \"Both firms were very qualified, had good experience. Their approach and their team capabilities were both very strong, but there was one clear winner,\" Sotelo said.

The nut graf: the committee\u0000process is notable because the audit committee directly participated in interviews for the first time, the committee said, and will forward a negotiated contract with MGO to be implemented without a subsequent board vote.

Committee chair Dolores Sotelo said staff expects to complete contract negotiations by the end of the year and transition to the new firm in January. \"We anticipate that that process will take us through the end of the year, and hopefully, in January, we will have a new firm that's selected,\" she said.

The committee described the process in detail: RFQ released in June 2025, five proposals received, baseline material evaluation, two firms shortlisted for interview, eight standardized questions used in the interviews, and committee scoring leading to a unanimous recommendation of MGO. The two finalist firms named in the meeting were Ide Bailey and Macias Gini & O'Connell (MGO); the committee selected MGO.

Board members who are members of the audit committee thanked staff for a transparent process and congratulated MGO on the selection. Board counsel confirmed during Q&A that the negotiated contract will not be returned to the board for approval: \"No. It's just a go. So the contract gets negotiated based on, you know, terms of the agency,\" Solicitor noted during the discussion.

Ending: staff said they will proceed with contract talks and bring the operational transition to the audit team and board as needed; no public comment was received on the item.
","CalHFA\u0000Audit and Risk Management Committee completed a competitive selection process and unanimously recommended Macias Gini & O'Connell (MGO) as the agency\u0000independent auditors; staff will negotiate a contract and implementation is expected by January.","actionData","errors"]

Article not found

CalHFA legislative director briefs board on state bills and federal housing developments

CalHFA reports nearly 7,000 households served in FY24-25; MyHome, Dream for All, MyAccess, and Zip explained

CalHFA audit committee recommends MGO after competitive RFQ and interviews