[{"_1":2,"_112":-5,"_113":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76,88,100],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6316921,"mediaKeyId","2375195-c5e7e656e27f6a81291eb08cf72a9c08","parentId",2375195,"title","CalHFA authorized to use National Mortgage Settlement funds to expand counseling and provide mortgage payments to disaster‑affected homeowners","audioSeconds",1435,"startMs",4085000,"endMs",5520000,"viewUrl","/Search/View?dp=1&key=2375195-c5e7e656e27f6a81291eb08cf72a9c08&start=4085&end=5520","thumbnailUrl","https://assets.pipeline.soar.com/2375195-c5e7e656e27f6a81291eb08cf72a9c08/thumbnail_4085000.jpg","articleUrl","/articles/6316921/California/CalHFA-authorized-to-use-National-Mortgage-Settlement-funds-to-expand-counseling-and-provide-mortgage-payments-to-disasteraffected-homeowners","mediaUrl","https://secure.pipeline.soar.com/6316921-8ed53e04210e1c27be25586c43c08b9a/orig.mp4?Expires=1771153724&Signature=PIkcQyv0gG4xiUiQ3sgHCIDrrIKZBquwnaIvRWDbvfV7fH5AiR9fZ0Ip8Jg4T3Zay6A84uOgDgMLl~g3qfAyoTktEfdJ1y4~kGsA3E44Etawpe614Yc-DLUD8suFMVCvtQIuP1h5mWS0jAJ-h3JQe8IfNUjl7YQoBQTJlMhu7lf4a1IvOdq2~PwI8N3bNnpcT5hZmEOc3cfDF4cCVkwdt~yD6giu-xa9pFdkjJibQmN2VP~Y9RfrSlhP~nNKRbVi3ry54~derPhq5T0X0SsG0A5eFSe1WFvV-knXUsicYwxFXDiTH6gV5VXyOZgwxyaK-Kye~k3XTP05NleJonekzw__&Key-Pair-Id=KUT5TJCACFTXG","author","CalHFA Board Meetings 2025","date","2025-02-22T12:42:47.853Z","article","The California Housing Finance Agency Board on Feb. 20 approved an administrative plan to use remaining National Mortgage Settlement (NMS) funds for two purposes: to extend a statewide HUD‑certified housing counseling program and to provide time‑limited mortgage payments to homeowners whose primary residences were damaged or destroyed in presidentially declared disasters since Jan. 1, 2023.

Rebecca Franklin, CalHFA chief deputy director (acting executive director), told the board the governor requested the agency use the remaining NMS funds to support disaster recovery. Staff proposed two tranches: an expansion of the existing housing counseling program (staff cited roughly 80,000 households served through the counseling effort to date) and a mortgage assistance program that would pay three months — and up to six months if funding allows — of mortgage payments for affected households. In the final motion approved by the board, the board authorized use of $112,000,000 for the mortgage‑payment program and retention of $25,000,000 to expand the housing counseling effort; staff said the counseling funds will fund both general HUD‑certified counseling and an expedited disaster counseling track focused on insurance claims, FEMA/SBA navigation and immediate basic needs.

A CalHFA housing‑counseling lead described the counseling expansion: the core HUD program provides pre‑purchase, eviction prevention, foreclosure prevention and financial literacy counseling at no cost to households; the proposed disaster‑response counseling would be a truncated, expedited session aimed at triage and connection to resources such as FEMA, SBA, local relief and consumer protection assistance.

Franklin said staff would reuse the mortgage‑relief application platform developed for CalHFA’s prior federally funded mortgage relief program to speed implementation; the board asked staff to return with program details and committed to regular updates. Staff said they would prioritize low‑ and moderate‑income homeowners and would coordinate with the Governor’s Office of Emergency Services, HCD and DFPI to reach affected communities. Staff estimated a June launch if procurement and vendor modifications proceed on an expedited schedule.

The board amended the resolution language during the meeting to clarify geographic scope and program terms; the final motion (Resolution 25‑05) was moved by Director Prince, seconded by Director Henning, and passed on roll call. The approved resolution directs the agency to use $25,000,000 for expanded housing counseling and $112,000,000 to fund mortgage payments of three months up to six months for homeowners in presidentially declared disasters since Jan. 1, 2023; staff will return to the board with implementation details.

Why this matters: The action directs a state housing finance agency to redeploy settlement funds toward disaster recovery for homeowners, combining counseling and short‑term mortgage assistance to prevent displacement and support rebuilding. Staff emphasized coordination with state disaster agencies and the Department of Financial Protection and Innovation to align outreach and lender engagement.

Next steps: Staff will finalize program rules, vendor modifications and outreach plans and provide the board with an implementation update at the March workshop.","mediaType","Video","parentTitle","CalHFA Board of Directors Meeting - 02/20/2025","oneSentenceSummary","The California Housing Finance Agency Board on Feb. 20 approved an administrative plan to use remaining National Mortgage Settlement funds to expand HUD‑certified housing counseling and to provide time‑limited mortgage payments to homeowners affected by presidentially declared disasters since Jan. 1, 2023.","taxTitle","Housing Finance Agency, Agencies under Office of the Governor, Executive, California","taxId",70084,"location","California","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6316927,"CalHFA board approves North City permanent loan and MIP subsidy for San Marcos project",705,3720000,4425000,"/Search/View?dp=1&key=2375195-c5e7e656e27f6a81291eb08cf72a9c08&start=3720&end=4425","https://assets.pipeline.soar.com/2375195-c5e7e656e27f6a81291eb08cf72a9c08/thumbnail_3720000.jpg","/articles/6316927/California/CalHFA-board-approves-North-City-permanent-loan-and-MIP-subsidy-for-San-Marcos-project","https://secure.pipeline.soar.com/6316927-bd4d652ed55386f0f1eb869d7d6abeba/orig.mp4?Expires=1771153724&Signature=Uv5fuODwWZhWdU2zWghzZhG5X8S1YTPknynMI4GGR6dVrpa2FqNwVvXw0gzDfYVswdtvNUCkmBshvdFYN9Z1CL0jaiIqisieMfqIZK-lp6VdBcw0cPeCzvB1BEoxm~Cm6aMVTDQRemNcf5RtX~BWdaDB6SkgYtsdndGHldWO7frMQjtfaPsGCEWp3sLmttRPSQ8P6-etdFXi2FzqfLlRKrKC2tlsZBElW3gHB3sLG60GMVGe-3J00gvO-IA6eIvEEYuB9L4PPNS3UhYJF82txvhtshxnS3525lz-2h23OABnfsuUvHf109Lqnzw6r6SPv-yC~xjREP82gzGTtqN~Aw__&Key-Pair-Id=KUT5TJCACFTXG","The California Housing Finance Agency Board on Feb. 20 approved the final permanent loan commitment for North City, a 224‑unit family project in San Marcos, San Diego County.

CalHFA staff said the transaction will include a $39,150,000 permanent loan and a $4,000,000 Mixed Income Program subsidy. Staff told the board the project will be a four‑story elevator‑served building that targets units between 30% and 70% of area median income and includes an underwriting exception related to a local density‑bonus agreement.

Staff also described the capital stack, noting taxable construction debt and a developer deferred contribution (listed in documents as Carmel Enterprises LLC) as part of the permanent financing plan. Staff said these were negotiated elements of the transaction and that underwriting had accounted for construction‑to‑perm timing, repayment priority and residual‑receipts flow.

The motion to approve Resolution 25‑04 was made by Mr. Henning, seconded by Director Sotelo, and carried on a roll call that recorded affirmative votes from Chair Cervantes; Miss Kurgan; Mr. Henning; Mr. Prince; Mr. Fiegels; Miss Sotelo; Mr. Olmstead; Dr. White; and Mr. Williams. The public record includes an earlier statement that a director would recuse from this item; the roll call did not show any listed recusals at the time of the vote.

Why this matters: The approval demonstrates CalHFA’s continuing pairing of MIP subsidy with permanent CalHFA financing to address financing gaps in multifamily projects and the agency’s willingness to accept complex capital stacks that include taxable construction funding and deferred developer contributions.

Where it goes next: Staff will finalize documentation and proceed to closing under the board‑approved terms.","The board approved the final permanent loan commitment and a $4 million MIP subsidy for North City, a 224‑unit family development in San Marcos (resolution 25‑04); the item included a density‑bonus exception and a sizable deferred developer contribution in the capital stack.",{"_33":89,"_35":36,"_37":38,"_39":90,"_41":91,"_43":92,"_45":93,"_47":94,"_49":95,"_51":96,"_53":97,"_55":56,"_57":58,"_59":98,"_61":62,"_63":64,"_65":99,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6316932,"Board approves Mason’s Village final loan commitment for Palmdale family project",314,5032000,5346000,"/Search/View?dp=1&key=2375195-c5e7e656e27f6a81291eb08cf72a9c08&start=5032&end=5346","https://assets.pipeline.soar.com/2375195-c5e7e656e27f6a81291eb08cf72a9c08/thumbnail_5032000.jpg","/articles/6316932/California/Board-approves-Masons-Village-final-loan-commitment-for-Palmdale-family-project","https://secure.pipeline.soar.com/6316932-986223bebc8d5209bc252262f48f17c7/orig.mp4?Expires=1771153724&Signature=nTPmn5HGaSY2Em1MUHMfPDPFgI5BofJbXWQ7jZ6vg6wL1jqm5-gZLsdq9WO-D0qVt6-d3pn43Za~g4FU0-2LTJOLMKMxjeT~y-Gz1S5oKruqj93F4wJ1lyhoKWy4RI9yf~8diyXsqWns2yV7u1ganszx1WGtf26UAPr56N--RlvSjjfZgubFP0pxE0MnwgJEfJVMwkDZobs6hYqtJwEK1flc~MDuJpF9iHRgjUG3PxIGPBi-fe~jRbof8f-6xwqHQBizASlC6QpC14r5HhMUQ5Lx-ggnktIdMTLU9z-~Zw00Bhz9H2TfJ9xqWEoBvvZBaPPasa3f3C~nsbyhXQATzA__&Key-Pair-Id=KUT5TJCACFTXG","The California Housing Finance Agency Board on Feb. 20 approved a final permanent loan commitment for Mason’s Village, a 191‑unit family housing development in Palmdale, Los Angeles County.

CalHFA staff recommended approval of a $30,000,000 permanent loan; the board also approved a $1,600,000 Mixed Income Program subsidy for the project. Staff reported total development cost per unit of about $369,000 and described a local density‑bonus agreement that required subordinating a local regulatory agreement to allow a 20% density bonus in exchange for a local requirement that 10% of units be restricted at 60% of area median income.

Developers said the project’s cost efficiency reflects product type, land basis in Palmdale and the use of accessory‑dwelling units. Kevin Harbison, senior vice president at Ravella Holdings, described the product as single‑family style rental homes with attached accessory dwelling units (ADUs) and junior ADUs; he said those accessory units will also serve families in the community. Phil Ram, principal with Ravella, said the design maximizes family‑sized units and neighborhood amenities.

Staff told the board the project had required one underwriting exception related to the density bonus stand‑still agreement, and that the CalHFA legal and underwriting teams recommended approval with the mitigation measures described in the staff report.

The roll call for Resolution 25‑03 recorded affirmative votes from: Chair Cervantes; Miss Kurgan; Mr. Henning; Mr. Prince; Mr. Russell; Mr. Fiegels; Miss Sotelo; Mr. Olmstead; Dr. White; and Mr. Williams. No abstentions were recorded and the motion carried.

Why this matters: The project uses MIP subsidy plus CalHFA permanent financing to close financing gaps at a relatively low per‑unit cost. Directors used the item to revisit earlier board comments about location, environmental tradeoffs and the role of local subsidy in capital stacks.

Where it goes next: Staff will finalize loan documents and proceed to closing under the terms approved by the board.","The CalHFA Board approved a $30 million permanent loan and a $1.6 million MIP subsidy for Mason’s Village (191 units) in Palmdale (resolution 25‑03); staff recommended approval despite a density‑bonus exception.",{"_33":101,"_35":36,"_37":38,"_39":102,"_41":103,"_43":104,"_45":105,"_47":106,"_49":107,"_51":108,"_53":109,"_55":56,"_57":58,"_59":110,"_61":62,"_63":64,"_65":111,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6316937,"CalHFA reviews Mixed Income Program, asks board for policy direction as pipeline tightens",3056,880000,3936000,"/Search/View?dp=1&key=2375195-c5e7e656e27f6a81291eb08cf72a9c08&start=880&end=3936","https://assets.pipeline.soar.com/2375195-c5e7e656e27f6a81291eb08cf72a9c08/thumbnail_880000.jpg","/articles/6316937/California/CalHFA-reviews-Mixed-Income-Program-asks-board-for-policy-direction-as-pipeline-tightens","https://secure.pipeline.soar.com/6316937-d3b05721be4a98eb32d6c9d0a9d4bbb0/orig.mp4?Expires=1771153724&Signature=GmLSrlf0ocj1cjyRNu6lzYnqyyoWTHHU1743wl~-v7mKpS7ENgU6F1~ITFt0dG6IvW7CTp8RB7JDkZ2qvJ4gRjaccoYOytKvM6434NkH96r17BdFohqyZYfc1MtY7Kj0nDx4CgTNHplqYNnctGgzfA9kwusin-fWzRvPO1t9fM~836qRMsL3pwQVeJQsl-11JVTCXj7xSiLWW776nRjJYdwEBF-Q5mqHy0omzAhF4mYPJN9Vy4buH~DLJXKepogdpoHXWGuH7vT3nzzK70k6Ez4k9Qddabxnm7TGU2V85OvzTG52f72qi4SCc3FMnWe306wIl5em66vdBobIsI2JPg__&Key-Pair-Id=KUT5TJCACFTXG","At its Feb. 20 meeting, the California Housing Finance Agency reviewed the state of its Mixed Income Program, which staff said has financed 71 projects and helped create more than 11,600 housing units since the program began.

The presentation, led by Stephanie McFadden, CalHFA director of multifamily programs, and Steve Gallagher, housing finance chief, summarized the program’s history, noted recent term‑sheet changes for MIP 25 and asked the board to set one to three high‑level priorities for the program at a March workshop to guide staff policy changes for MIP 26.

“Since 2019, CalHFA has helped to build 11,600 units through this program,” McFadden said, calling MIP “a really successful multifamily lending program for CalHFA and the affordable housing industry in California.” Gallagher traced the program’s origin to the 2017 Senate Bill 2 appropriation, saying the program was seeded with SB 2 (the Building Homes and Jobs Act) funds and expanded later by AB 101. Gallagher said program design has shifted over time — including adoption of a CalHFA permanent‑loan pairing requirement, introduction of very‑low‑income set‑asides and changes to per‑project caps — as staff have tried to stretch scarce subsidy dollars.

The briefing included outcome metrics staff put on the record: roughly $1.3 billion in permanent loans executed for MIP projects and about $400 million in direct MIP subsidies to date. Staff also described program rule changes over the years: pairing MIP subsidy with CalHFA permanent loans, a sponsor cap on awards, per‑project caps that were lowered after an infusion of funds, and a recurring 10% very‑low‑income unit requirement in recent rounds.

Directors pressed staff on tradeoffs and policy objectives. Director Prince asked the board to “think about the waivers,” citing concerns about developer fee waivers and whether CalHFA’s subsidy terms are producing the most efficient public outcomes. “I would like to really think about the waivers…particularly the developer fee waiver and priority for that to be repaid,” Prince said. Director Sotelo urged a data‑driven review of program impacts, asking staff to analyze whether MIP subsidies are filling gaps that truly lack other funding sources or instead are changing the capital stack for projects that would have proceeded with other public resources.

Staff said some policy tradeoffs are already visible in underwriting practice. McFadden and Gallagher described three frequent exceptions staff see in underwriting: density bonus agreements that trigger stand‑still arrangements; requests to prioritize deferred developer fee repayment (equity investors sometimes require deferred developer fee to be paid before 100% residual flow to the MIP lender); and limits on the MIP loan’s repayment at maturity given conservative exit assumptions. Gallagher said staff often mitigate the repayment risk by requiring a general partner contribution commitment at maturity and by conducting conservative exit analyses (typically stress testing a 3% higher interest rate and a 2% higher cap rate in exit scenarios).

Directors also discussed geographic distribution, county caps and timing. Staff said MIP projects have reached 22 counties and that MIP 25 includes an administrative exemption so Los Angeles County projects affected by recent wildfires can be considered outside the usual county cap. McFadden noted the program timeline: MIP 25 term sheet was released, applications are due March 10, staff expects to announce awards in early April and will target CDLAC round 2 allocations. Staff asked the board to provide policy priorities in March so staff can incorporate them into MIP 26 design.

Board members repeatedly asked for more data. Directors requested: a) an analysis showing how much of each project’s funding gap was caused by higher affordability requirements versus lack of other funding sources; b) trending data on developer fees and the effect of exceptions to repayment policy; and c) counts of how many applications are turned away (staff said historically the program says no to roughly two to three projects for every one it funds in a round). McFadden agreed to return with additional data and a focused policy package at the March workshop.

Why this matters: MIP is one of CalHFA’s largest multifamily subsidy tools and — because the loans are paired with CalHFA permanent financing — the program directly increases the agency’s multifamily balance sheet and exposure. With SB 2 revenues down and state tax credit allocations uncertain, directors said they want clearer policy objectives to guide scarce subsidy allocation.

Next steps: Staff will bring detailed data and draft policy options to a March board retreat session and will continue to bring individual deals to the board for approval under the posted MIP 25 terms.","CalHFA staff briefed the board on six years of its Mixed Income Program (MIP), detailed rule changes and market pressures, and asked directors to give policy guidance at a March workshop on priorities such as waivers, developer fee repayment and geography.","actionData","errors"]

Article not found

CalHFA authorized to use National Mortgage Settlement funds to expand counseling and provide mortgage payments to disaster‑affected homeowners

CalHFA board approves North City permanent loan and MIP subsidy for San Marcos project

Board approves Mason’s Village final loan commitment for Palmdale family project

CalHFA reviews Mixed Income Program, asks board for policy direction as pipeline tightens