CalHFA board adopts package of annual financing resolutions, increases authorities for bonds and volume cap application

The California Housing Finance Agency board approved a package of annual financing resolutions that give staff delegated authority to execute multifamily and single-family financings through bonds and non‑bond sources and to apply for private-activity bond allocation from the California Debt Limit Allocation Committee (CDLAC).

Erwin Tam, CalHFA’s director of financing, summarized the five resolutions (agenda items 7–11). Resolution 2604 authorizes the agency to finance multifamily permanent loan production through the issuance of bonds and hedging arrangements, and allows conduit bond issuance up to $3.0 billion and credit-facility use up to $1.5 billion. Resolution 2605 permits multifamily permanent loan production through non‑bond sources such as the Federal Financing Bank and agency subsidy loans. Resolution 2606 authorizes bond funding for single-family mortgages (the agency issued about $130 million in taxable bonds in calendar 2025). Resolution 2607 authorizes single-family financings through non-bond sources (e.g., TBA market), and 2608 authorizes staff to apply to CDLAC for up to $3.5 billion of volume cap for multifamily and single-family pools.

Board members asked whether the new indentures contained substantive changes and whether the dollar amounts reflected an algorithmic capacity calculation; Tam said staff increased dollar amounts to build flexibility and that the agency can and has returned for additional authority when needed. Directors also asked about market conditions for single-family products and whether federal rule changes would affect tax-credit or volume-cap uses; staff said they did not expect a significant impact but would monitor developments.

Each resolution was moved, seconded and adopted by roll-call vote. Tam said the financing division will provide written post-issuance summaries after each use of delegated authority.