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CalHFA board approves up to $1.4M contract for repairs at 520 Capitol Mall
Summary
The board approved Resolution 25‑28 authorizing a contract not to exceed $1,400,000 to address capital needs (including elevator repair) at 520 Capitol Mall; staff said the figure was an abundance of caution above the board threshold.
The California Housing Finance Agency board approved Resolution 25‑28 to authorize a contract not to exceed $1,400,000 to address capital needs at 520 Capitol Mall, including elevator repairs disclosed during acquisition.
Erwin Tan presented the item and told the board the number was set conservatively to avoid returning to the board if actual costs approached CalHFA’s $1,000,000 approval threshold. "The purpose of this resolution is to approve a contract, not to exceed $1,400,000 to meet those capital needs that were identified to the board," Tan said. He added staff chose the higher figure as "an abundance of caution" to prevent repeated board action for slightly lower overruns.
Chair members voiced appreciation for the transparent approach. The resolution was moved, seconded and approved by roll call.
Staff said the elevator repair was a known issue when the prospective property was considered and that funds exist to address the work; they noted the $1.4M figure is a contingency to ensure public transparency and avoid repeated board action for costs that otherwise would sit just under the threshold.
The board will oversee contract execution and return for any materially different scope or cost above the approved ceiling.
