CalHFA’s financing team and senior underwriters presented a post‑sale report on the 2024 Series A multifamily revenue bonds, which raised approximately $107.6 million of net proceeds to fund five permanent loans across Northern and Central California.

Erwin Tam, CalHFA’s director of finance, told the board the deal backed about 684 affordable housing units and achieved particularly favorable pricing despite a volatile week in the municipal market. Morgan Stanley, the senior manager on the deal, described unusually strong retail demand: the underwriting syndicate received roughly $144 million of retail orders (about 1.3 times the transaction’s size), with approximately 97% of retail orders placed by in‑state investors. Morgan Stanley reported the transaction was 2.5 times oversubscribed overall.

Structurally, the transaction included serial and term bonds plus a $40 million fixed‑rate soft‑put piece; S&P Global provided a second‑party opinion aligning the issue with social and green bond principles, allowing CalHFA to market the sale as sustainability bonds. Ramirez & Company and other co‑managers reported the agency’s timing—pricing on a Tuesday ahead of a mid‑week market spike—helped secure lower yields.

Board members called the result a significant achievement for the agency and noted it should support future multifamily lending and recycled‑bond strategies. Director Williams praised the finance team’s timing and preparation; staff said the proceeds and pricing provide a more resilient, diversified balance‑sheet path as CalHFA expands on‑balance lending activities.

CalHFA staff will present routine post‑sale reporting to the board and noted that the transaction’s success depends on continued market engagement and the agency’s ability to sustain a pipeline of multifamily lending opportunities.