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CalHFA details new mortgage-relief fund, launches MyAccess and reports bond sale
Summary
CalHFA reported steps to stand up a governor-backed mortgage-assistance fund, launched a first-time-buyer product called MyAccess, said its MIP program is oversubscribed, and announced a $50 million bond sale.
Rebecca Franklin, chief deputy director of the California Housing Finance Agency (CalHFA), told the board Thursday that the agency is moving to implement a governor-backed mortgage-assistance program and is launching new and revived products to respond to homeowner needs.
The board heard that the mortgage assistance vehicle — referred to in staff briefings as the Cal Access Mortgage Fund — is being refined so it can serve a broader set of Californians affected by disasters, and staff will return in May with final program design ahead of a planned early-June launch.
Franklin said the agency launched a single-family product called MyAccess on March 17 and began taking reservations that same day. "The program will give first-time home buyers access to 2.5% of the purchase price in addition to the down payment or closing-cost assistance provided by our MyHome 3.5% product," Franklin said, noting the combined assistance approaches 6% of a home’s purchase price.
Erwin Tam, CalHFA’s director of financing, confirmed the agency issued $50,000,000 in bonds on March 11 to support upcoming production. "California housing bonds, taxable and nontaxable, are a very attractive product in the municipal markets," Tam said, adding that recent pricing compared favorably to other issuers.
Staff also reported demand for multifamily production programs. CalHFA’s Multifamily Investment Program (MIP) is oversubscribed for 2025; Franklin said the agency received 48 MIP applications and expects to publish award lists in the coming weeks before underwriting begins. A separate request for information on middle-income housing closed March 28 with 26 responses; staff will brief the board’s New Opportunities Committee around May or June.
Franklin and other leaders highlighted outreach and advocacy work in Washington and Sacramento, where agency staff met with federal and state partners to press for disaster-support funding and tax-credit policies that affect housing recovery. Franklin closed by thanking staff for work on the agency’s 50th-anniversary events and internal planning.
The board asked staff to return with details on early geographic and product take-up for MyAccess at the May meeting.
