The Financing division manages the capital used to finance CalHFA’s affordable housing programs. It also handles the Agency’s outstanding debt obligations and non-mortgage investments. The division frequently evaluates various alternatives for generating low-cost capital, including balancing risk versus benefit. CalHFA’s tax-exempt issuance authority allows it to serve the affordable housing needs of Californians in a way that the general market does not.
- Reduced the amount of variable rate debt outstanding by $1.35 billion.
- Reduced the notional amount of interest rate swaps outstanding by $368 million.
- Worked with Moody’s and Standard & Poor’s to maintain the Agency’s credit ratings.
- Closed a $69.95 million bond transaction under the New Issue Bond Program to fund multifamily preservation projects and $4.55 million of multifamily conduit financing.
- Refunded $133.8 million of Residential Mortgage Revenue Bonds.
- Redeemed all bonds under the Multifamily Housing Revenue Bonds II indenture.
- Closed the New Issue Bond Program. Escrow proceeds were used for:
- Residential Mortgage Revenue Bond Escrow—Single Family
- Original allocation of $1.02 billion
- $680 million used to issue long-term bonds
- Redeemed $336 million in unused proceeds
- Affordable Multifamily Housing Revenue Bond Escrow
- Original allocation of $380.53 million
- $379.75 million used to issue long-term bonds
- Redeemed $780,000 in unused proceeds
- Worked with Multifamily Programs and Asset Management to receive $82 million of prepayments on multifamily loans.
- Established the Enterprise Risk Management team.
- Completed the extension of the Temporary Credit and Liquidity Program to December 23, 2015.