The California Housing Finance Agency board voted to amend its single‑family bond authorization to allow bond proceeds to fund down‑payment assistance, advancing a program concept staff calls MyAccess that would pair with the existing MyHome subordinate loan.

Erwin Tam, CalHFA’s director of finance, told the board the amendment would expand the agency’s eligible purposes for issuing bonds to include funding down‑payment assistance and would allow CalHFA to develop a product that could provide up to 6% in down‑payment aid to eligible borrowers. Tam described MyAccess as a subordinate loan structure mirroring MyHome that would be financed from bond proceeds and placed on CalHFA’s balance sheet to generate annuitized income while supporting homeownership.

Albert from RBC Capital Markets summarized why many HFAs have shifted from TBA sales to bond financing for down‑payment assistance amid recent market changes: higher prevailing mortgage rates, larger mortgage sizes, and evolving TBA pricing. He said HFAs that use bond financing can continue production when TBA economics are less favorable.

Board members pressed on eligibility and program design. Director Sotelo asked whether MyAccess would be limited to first‑time buyers; staff said the program is intended to mirror MyHome’s eligibility requirements, which target qualifying first‑time homebuyers. Director Russell emphasized the need for operational nimbleness so borrowers can compete in purchase markets where private buyers are active.

After public comment was called and none was offered, Director Russell moved and Director Sotelo seconded the motion. Melissa conducted a roll call; the resolution passed on an affirmative vote. Staff said bond issuance and market timing remain subject to external conditions and that a program launch is anticipated in early 2025 pending market and operational readiness.