CalHFA reports S&P upgrade to AA+ and early disaster payments through Callasys; multifamily director departs

CalHFA interim leadership opened the meeting with an operations update noting a new credit-rating upgrade and program disbursements. The interim director reported that Standard & Poor’s Global Ratings upgraded CalHFA to a double-A plus rating with a stable outlook, the highest rating the agency has received.

The interim director credited the work of Finance Director Tam and his team for the upgrades and linked improved ratings to the agency’s ability to raise funds at lower borrowing costs to finance affordable housing and homeownership opportunities. Chair Cervantes and other board members congratulated staff and noted Moody’s ratings discussions were forthcoming.

Staff also reported on the Callasys disaster assistance program. The interim director said funds have “hit the accounts of the mortgage servicers for those individuals for 69 homeowners,” describing those payments as three months of mortgage assistance for survivors of recent disasters in Northern California and Los Angeles. The agency said roughly 800 applications have been submitted and staff are processing them; the interim director said more approvals and disbursements are expected.

CalHFA announced personnel movement: the director of multifamily programs, Stephanie McFadden, has left for another employment opportunity. The interim director said CalHFA is recruiting for the board-appointed replacement and that Deputy Director Steve Gallagher would lead multifamily operations during the transition.

The interim director and board members also previewed a strategic-planning workshop scheduled after the business meeting to continue work on the agency’s 50th‑year priorities. The interim director said staff and board will use workshop results to inform a strategic plan that will be presented in subsequent meetings.