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CalHFA board hears agency reorganization update and program performance highlights
Summary
CalHFA board discussed the governor's proposal to split BCSH, a possible July 2026 effective date if approved, and heard program updates on My Access, MIP awards, and CalHFA’s financial reporting awards and conference outreach.
Acting Chair Fred White and Chief Deputy Rebecca Franklin briefed the board on the governor’s proposed reorganization of the Business, Consumer Services and Housing (BCSH) agency and on program activity across single-family and multifamily portfolios.
Undersecretary Grant told the board the governor’s proposal to split BCSH into a consumer-focused and a housing-focused agency is before the Little Hoover Commission and the legislature; a Little Hoover Commission report is expected at the end of the month and, barring rejection, staff said the new housing agency could be established as early as July 1, 2026. Franklin said CalHFA welcomes the potential for focused leadership around housing.
Franklin reviewed single-family program activity, noting the My Access down-payment assistance program opened March 17 and that staff issued $50 million in taxable bonds to support the program. She also described steps to implement a one-time refinance product within the 'Dream for All' shared-appreciation program. On the multifamily side, Franklin reported a record 48 MIP applications for 2025 and preliminary awards to 12 projects expected to produce approximately 2,319 units of mixed-income affordable housing (with roughly 1,000 units anticipated in Los Angeles County after criteria adjustments to address disaster-affected areas).
Franklin also highlighted administrative accomplishments: the agency’s annual comprehensive financial report earned its eighth consecutive Government Finance Officers Association award, and staff are engaged in industry conferences to expand multifamily lending beyond technology-focused geographies.
