CalHFA board approves consideration and purchase authorization for 520 Capitol Mall with $23 million cap

The California Housing Finance Agency board voted to take up and approve Resolution 25-24 concerning 520 Capitol Mall. The board first voted (two-thirds required) to consider the item after it was added to the agenda under a government-code exception. Director Russell moved to take up the item; the motion passed by roll call.

Following public-comment checks, Director Sotelo moved to approve Resolution 25-24 and amend it to include commensurate closing costs; Director White seconded. Agency counsel proposed final language capping the purchase authority: “not to exceed $23,000,000 plus reasonable closing costs.” The board approved the amended resolution by roll call.

Chair Cervantes said the board had convened a closed session pursuant to the Bagley-Keene Open Meeting Act and Government Code §1126(c)(7) to discuss matters related to 520 Capitol Mall; staff said no other agency matters were deliberated or voted on beyond the agendized item. Counsel also advised the board that Government Code §1125.3(a)(2) allowed action on items that came to the agency's attention after publication when immediate attention was required; the board took the threshold two-thirds vote to allow consideration of Resolution 25-24 under that provision.

Counsel’s suggested purchase language — “not to exceed $23,000,000 plus reasonable closing costs” — was accepted as the amendment. The roll call to approve Resolution 25-24 as amended recorded ayes from Miss Cabildo, Chair Cervantes, Secretary Moss, Mr. Hardiman, Miss Lamone, Miss Wyant, Mr. Prince, Mr. Russell, Secretary Sen, Miss Sotelo, Director Velasquez and Dr. White; counsel announced the resolution as approved. The board instructed staff and counsel to proceed with the transaction consistent with the approved authority and the amended language; no additional public comment was made on the item at the time of the vote.