Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Multifamily Financing topic
No spam. Unsubscribe anytime.
CalHFA board approves three mixed‑income apartment loans amid questions on fees, deferred developer pay and no‑parking projects
Summary
The California Housing Finance Agency Board on May 21 approved permanent loans and MIP subsidies for Sierra Vista (Roseville), La Estancia (Reseda) and Francis Avenue (Koreatown), totaling roughly $88.5 million in CalHFA first‑lien commitments plus $12 million in subordinate MIP loans. Directors pressed developers on impact fees, deferred developer‑fee structures and the livability tradeoffs of zero‑parking transit‑oriented projects.
The California Housing Finance Agency Board voted May 21 to approve three mixed‑income multifamily financing packages, authorizing CalHFA permanent loans and Mixed‑Income Program (MIP) subordinate loans for projects in Roseville, Reseda and Koreatown.
Katherine McFadden, CalHFA’s Director of Multifamily Programs, presented the first item, Sierra Vista Apartments in Roseville, requesting a $31,189,127 CalHFA first‑lien permanent loan and a $4 million MIP subsidy for a 192‑unit family development with an average affordability around 60% of area median income. McFadden described a financing stack that includes construction financing and tax‑credit equity; staff recommended approval. Director Stephen Russell pressed the developer on an $11 million deferred developer fee (about 13.4% of construction costs), asking why it is materially higher than the other projects on the agenda. Developer Alex Stamas said the large fees reflect unusually high impact and permit fees in a newly developing West Roseville area that is paying for new infrastructure, and that some annual assessments in the area were lower as part of a trade‑off. After discussion, the Board approved the resolution by roll call vote.
