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CalHFA’s New Opportunities Committee outlines three pilot concepts to expand housing tools
Summary
The board’s New Opportunities Committee presented three concepts for further development: an Enhanced MyHome down-payment product using taxable bonds, an employer-funded shared-appreciation pilot, and a Local Housing Investment Partnership enabling CalHFA to issue tax‑exempt debt for multifamily projects; staff will draft proposals and an RFI for local agencies.
The California Housing Finance Agency’s New Opportunities Committee on Oct. 24 reported progress on three initiatives intended to extend CalHFA’s financing tools beyond traditional programs.
Doctor White, committee chair, said the group developed a charter and a methodology to vet new ideas and asked staff to develop the three concepts further: (1) an Enhanced MyHome product that could provide up to 6% in down-payment assistance combining MyHome funds and taxable bond proceeds; (2) an employer-based shared-appreciation pilot where a private employer would fund employees’ down-payment vouchers paired with CalHFA first mortgages; and (3) a Local Housing Investment Partnership Program where CalHFA would work with local public agencies, leveraging tax-exempt debt and public ownership to support multifamily production serving households at 50%–120% of AMI.
"The community evaluated both proposals based on the methodology that we created," White said, and the committee asked staff to report back with further analysis and implementation details.
Board members asked about sequencing, whether the committee’s work aligns with a recent gubernatorial executive order on housing, climate and infrastructure, and whether the committee would be standing or ad hoc. Staff said CalHFA has submitted a three-phase approach to the administration to study the executive order’s requirements and will align committee work where appropriate; the committee’s charter contemplates standing authority but staff will return with specifics.
Director Velasquez urged staff to ensure the committee’s work reflects items named in the executive order. Erwin Tam and Ellen Martin were identified as staff leads on related work; staff said an RFI will be issued to test interest for the local partnership concept and formal proposals will come back to the board for consideration and potential approval.
The board did not take action on these concepts at the meeting; the committee’s report was informational and staff will return with more detailed proposals.
