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CalHFA unveils ambitious three‑year strategic plan goals, including a fivefold increase in multifamily bond involvement
Summary
CalHFA staff presented a strategic plan that sets bold three‑year targets: support roughly $2.5 billion of private activity bond activity (about 50% of the state PAB market), increase agency assets by at least 50% and add single‑family products to support new supply equal to 5% of the single‑family portfolio. The plan emphasizes partnerships, operational modernization and workforce training; staff will return with a final plan and FY26‑27 budget in June.
CalHFA staff presented a revised Strategic Plan May 21 that reframes the agency’s three‑year priorities around housing access, partnerships and operational reliability.
Rebecca Franklin, CalHFA Chief Deputy Director, and Kelly Madsen, Director of Enterprise Risk Management, described a three‑part structure: persistent three‑year goals, annual initiatives to deliver those goals and capabilities the agency must build or preserve. The plan keeps the agency’s mission focused on financing solutions while adding humanized goal language and measurable targets.
Among the largest targets: staff proposed increasing CalHFA’s multifamily production to support roughly $2.5 billion of private activity bonds over three years — up from just under $500 million today — and to grow agency assets by at least 50% (from about $5.4 billion toward an approximate $8 billion level) while maintaining a high credit rating (Aa1/AA+). For single‑family, staff aims to create products that channel 5% of CalHFA’s single‑family portfolio toward new supply over three years, a proof‑of‑concept objective staff said will require new product design and likely additional resources.
Directors welcomed the ambition but pressed staff on sequencing and trade‑offs. Several asked how the agency would maintain credit quality while rapidly growing the balance sheet and stressed that developers must be able to rely on CalHFA products long before construction starts. Staff said June materials will include a more detailed annual business plan and operational budget showing how initiatives align with targets.
Chair Jim Cervantes and Executive Director Tony Sertich framed the plan as an opportunity to scale CalHFA’s role within the state housing ecosystem and to use partnerships to reduce friction in project delivery. The Board asked for milestone thresholds to measure progress and for follow‑up workshops (the team offered a Moody’s briefing on ratings and a June action item to adopt the final plan).
