Filling up the trophy case

The Government Finance Officers Association has a policy of sending a trophy the first year an organization gets a GFOA Certificate of Achievement award and then sending a patch to add to that award each subsequent year, instead of a new trophy.

That’s lucky for CalHFA because we were honored by GFOA once again this May, earning awards for Excellence in Finance Reporting for CalHFA’s Fiscal Year 2021-22 Annual Comprehensive Financial Report and Popular Annual Financial Report. It is the sixth consecutive year CalHFA has been recognized for both reports.

“Earning this honor for the sixth year in a row recognizes CalHFA's long-term commitment to being an effective and transparent steward of funds that are used to finance housing opportunities for low-and moderate-income Californians,” said CalHFA Executive Director Tiena Johnson Hall.

The GFOA Certificate of Achievement honors financial reporting that goes beyond the minimum requirements of generally accepted accounting principles to evidence the spirit of transparency and full disclosure. It is the highest form of recognition in government accounting and financial reporting.

Speaking of awards

CalHFA Executive Director Johnson Hall picked up an award of her own this spring when the Retirement Housing Foundation honored her with the 2024 Friend of The Elderly Award for her lifetime of work to make housing more affordable for seniors.

The award comes on the heels of her election to the National Council of State Housing Agencies (NCSHA) Board of Directors, an invitation to join housing leaders throughout the state as a member of the UCLA Ziman Center for Real Estate Affordable Housing Advisory Council (AHAC), a nomination to join the National Advisory Council (NAC) for the National Housing Conference (NHC) and a selection to the Federal Housing Finance Agency’s (FHFA) Inaugural Advisory Committee on Affordable Equitable and Sustainable Housing.

Johnson Hall participated in her first NAC meeting on June 5 and while she was there attended the NHC’s Annual Housing Visionary Awards Gala where her predecessor – former CalHFA Executive Director Tia Boatman Patterson – was honored.

California Dreaming

On June 28, CalHFA sent messages to 1,700 first-generation homebuyers across California letting them know they will receive vouchers for a California Dream For All shared appreciation loan.

Governor Gavin Newsom’s office made the announcement that day, and qualified buyers will now begin a search for their first home over the next 90 days.

During Round 1 in 2023, CalHFA used more than $250 million to help 2,182 first-time homebuyers purchase a home, including 55% that come from communities of color, which have historically been discriminated against in the housing market.

This program, along with our MyHome program which provides low- and moderate-income homebuyers with down payment and closing cost assistance of up to 3.5% of the purchase price, supports CalHFA mission of investing in diverse communities with financing programs that help more Californians have a place to call home.

Rising to the occasion

Representatives from CalHFA were proud to attend the May 24th Grand Opening celebration for the newly rehabilitated Gateway Rising development in Menlo Park. Gateway Rising now features 140 units of much-needed affordable housing in San Mateo County, thanks to a financing collaboration between CalHFA, the city and county, MidPen Housing Corporation, Bank of America and the California State Treasurer’s Office.

As CalHFA Housing Finance Officer Kevin Brown said at the event: “Gateway Rising is a shining example of how public and private partners can come together to create something truly remarkable.”

It was the third celebration in as many months for developments financed by CalHFA as The Atchison opened its 202 doors in Pittsburg and the 36-unit Bluffs affordable housing complex in Capitola broke ground as well. Both of those developments are financed through CalHFA’s Mixed-Income Program (MIP), which has made commitments to support 9,684 units of affordable housing in the past five years.

CalHFA’s has made its initial MIP awards for 2024, and is in the process of completing underwriting and awaiting bond allocation before making those final commitments.

Update on ADUs

CalHFA’s Accessory Dwelling Unit Grant Program has exhausted its funds, and now it’s the construction workers building the ADUs who are getting exhausted.

As of the end of June, 249 ADUs have completed construction and another 2,466 are on their way toward that milestone.

M-o-r-t-g-a-g-e spells relief

The California Mortgage Relief Program, which is administered by CalHFA, is working through its final batch of homeowner applications after closing to new applicants on May 1.

The Program has made more than 36,000 grants totaling over $895 million to California households, 55% of which has gone to Socially Disadvantaged Communities.

Applications that were already submitted prior to May 1 will be reviewed until all available funds have been awarded.