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CalHFA board approves temporary $3.5 billion volume-cap authority to preserve bond access
Summary
The California Housing Finance Agency board unanimously approved a temporary increase to its volume-cap authority to $3.5 billion so the agency can apply in the current allocation round, a time-sensitive move staff said was necessary because of an earlier round already allocated this year.
The Board of the California Housing Finance Authority on Jan. 28 approved a resolution to increase the agency's authority to apply for tax-exempt volume cap to $3,500,000,000 for the current round, enabling CalHFA to remain eligible for bond financing available in this cycle.
Agency financing staff told the board the increase was needed because an earlier “round 1” allocation this year shortened the usual March-to-March authorization window, leaving CalHFA with insufficient approved authority to file in the current allocation. Erwin Grama summarized the amendment and said the change simply restores the agency’s capacity to apply this round.
Director Hennessy moved to approve the resolution and Secretary Moss seconded. Melissa (staff) called the roll; the board recorded unanimous approval on the roll call recorded at the meeting.
The board’s action keeps CalHFA positioned to pursue transactions in this allocation cycle. Agency staff said they expect to return in March with the normal slate of financing resolutions for the calendar year.
The vote was procedural and time-sensitive, and no public commenters addressed the item during the meeting. The board’s approval means staff can submit volume-cap applications in the current round; staff said they would follow up with any related financing resolutions in upcoming meetings.
