The CalHFA Board of Directors convened on February 20, 2025, to discuss critical updates regarding mortgage assistance programs aimed at supporting California homeowners affected by recent disasters. The meeting focused on the implementation of a new program designed to provide financial relief to those impacted by wildfires and other federally declared disasters.

The board began by addressing the parameters of the mortgage assistance program, which is set to launch with a cap of up to $20,000 for three months of assistance. Discussions highlighted the importance of reaching low to moderate-income households, with eligibility criteria still under evaluation. The board indicated that if funds remain unutilized after the initial three-month period, they may extend assistance for up to six months.

A significant portion of the meeting was dedicated to refining the language of the resolution to ensure clarity and inclusivity. Board members proposed amendments to broaden the scope of the program to include victims of various disasters, not just wildfires, and to specify that assistance would be available to those affected since January 1, 2023. The board emphasized the need for precise language to reflect the program's intent and to ensure that it addresses the needs of all affected communities.

After thorough discussions and modifications, the board unanimously approved Resolution 25-05, which allocates $112 million for the mortgage assistance program. The resolution aims to expedite the delivery of aid to homeowners before the summer, with board members expressing appreciation for the staff's efforts in coordinating with various state agencies to facilitate this initiative.

In conclusion, the meeting underscored the board's commitment to providing timely support to California residents facing housing instability due to recent disasters. The next steps involve finalizing the program details and preparing for its rollout, with the board looking forward to updates on its progress in future meetings.