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Votes at a glance: CalHFA board approves multifamily and single-family financing authorities and amends disaster definition
Summary
At its March 20 meeting, the CalHFA board approved final loan commitments for Monarch and College Creek, annual financing resolutions authorizing bond and non-bond production, a CDLAC volume-cap application authorization, and an amendment to the disaster definition for the governor-backed mortgage assistance program.
The California Housing Finance Agency (CalHFA) board approved a series of resolutions on March 20 that authorize financing activity for the coming year, finalize two multifamily loan actions, and amend eligibility language for a governor-backed mortgage-assistance fund.
Key outcomes
- Resolution 25-06: Approved final loan commitment for the Monarch multifamily project (Mutual Housing of California) on a state surplus site in Sacramento; vote recorded unanimous in favor.
- Resolution 25-07: Approved an increase to the permanent loan for College Creek Apartments after staff said cost increases and higher-than-expected construction interest created an approximate $11 million gap; board approved the recommended increase on a unanimous roll call.
- Resolution 25-08: Authorized CalHFA to issue multifamily bonds, use hedges for interest-rate risk during construction, and continue a volume-cap recycling program; approved unanimously.
- Resolution 25-09: Authorized CalHFA to finance multifamily permanent loans using non-bond sources (for example, federal lending programs and state subsidy sources); approved unanimously.
- Resolution 25-10: Authorized issuance of single-family bonds to finance CalHFA single-family mortgage production (taxable and tax-exempt, fixed and variable rate); approved unanimously.
- Resolution 25-11: Authorized use of non-bond sources for single-family financing (TBA market and other sources) subject to existing board-authorized exceptions; approved unanimously.
- Resolution 25-12: Authorized CalHFA to apply as a non-voting member for up to $3.5 billion in CDLAC volume cap to support agency programs; approved unanimously.
- Resolution 25-13: Amended the agency’s definition of "disaster" for purposes of the governor-backed mortgage assistance proposal to replace a reference to "presidentially declared disasters" with "a state of emergency proclamation by the governor or a major disaster declaration approved by the president" for events between Jan. 1, 2023 and Jan. 8, 2025, inclusive; approved unanimously.
Motions and voting
All of the above resolutions were approved by roll call. The board’s roll calls recorded "yes" votes from Chair Cervantes and all attending directors (Ms. Kurgan; Ms. Lamone; Mr. Henning; Mr. Russell; Mr. Feigles; Mr. Olmstead; Dr. White; Mr. Williams). For several motions the verbal mover/second in the transcript was not explicitly tied to a specific board member in the audio record and is therefore recorded as not specified in this summary; all final tallies were unanimous in favor.
What the approvals permit
Collectively the financing resolutions (25-08 through 25-12) delegate authority to the executive director and designated staff to execute bond and non-bond financings for multifamily and single-family production, to hedge construction-period interest-rate exposure and to apply for CDLAC volume cap. The board asked for routine reporting back on debt issuance, swap positions and production totals.
The amendment to the disaster definition (25-13) broadens the language used to determine eligible disasters for the governor’s mortgage-assistance proposal and sets an explicit date range for eligible events. Staff said it will return in May with full program design and target an early-June launch.
