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CalHFA board adopts final year of strategic plan and $50.5 million operating budget for 2025‑26
Summary
The board approved Resolution 25‑19 to adopt the agency’s updated business plan for FY 2025‑26 and Resolution 25‑20 to authorize a $50.5 million operating budget; the plan prioritizes multifamily expansion, pilots and technology investments to grow revenue and unit production.
The California Housing Finance Agency board on June 23 approved the final fiscal year 2025‑26 business plan — the last year of the agency’s three‑year strategic cycle — and adopted an operating budget projecting $50.5 million in expenses for the coming year.
“We are guided by a vision: all Californians living in homes that they can afford,” acting director Rebecca Franklin said during the board presentation, summarizing the plan’s strategic framing and the agency’s mission. The board adopted the updated strategic plan as Resolution 25‑19 and later approved the agency operating budget as Resolution 25‑20.
The business plan places priority on expanding CalHFA’s multifamily lending pipeline and testing new proof‑of‑concept products to diversify revenues and increase unit production. Staff said the plan includes four multifamily pilots or proofs of concept, investments in technology and personnel to support multifamily originations and underwriting, and continuation of single‑family programs launched earlier in the fiscal cycle.
Key financial targets and assumptions presented to the board: - Single‑family production target for 2025‑26: 4,000 units (staff noted single‑family volumes are volatile and driven by daily market conditions). - Multifamily production target for 2025‑26: roughly 4,700 units (staff said this figure largely reflects projects already in the pipeline but noted timing could shift and a few projects may close after June 30). - Total revenue projection for 2025‑26: approximately $57 million (staff noted an overall projected year‑over‑year revenue decline of about 12 percent driven by lower single‑family fee income). - Operating expenses for 2025‑26: $50.5 million, up 9.2 percent year‑over‑year; salaries and benefits are estimated to be about 70 percent of expenditures.
Board members questioned staff about the supply side of housing and whether CalHFA should expand activities that support single‑family production. Staff said research on the single‑family market, accessory dwelling unit financing and supply studies will inform future program development and the next strategic cycle. Board members also asked about timing for a Turner Center study on first‑time homebuyer market characteristics; staff said the report is expected in early July and could be shared with the board as an informational item later in the summer or fall.
Both resolutions passed on roll call votes. Staff said they will track the business plan initiatives and report progress through quarterly updates to the board.
Ending: Staff emphasized that the plan is intended to be a launchpad for the next strategic cycle; the board directed staff to return with program metrics and updates as pilots and technology projects advance.
