Within its annual resolutions delegating authority to CalHFA staff, the CalHFA board should include language restricting staff's actions regarding debt strategies and mortgage products to those specified in the annual delegations themselves, the approved business plans, or subsequent board resolutions.
Board resolutions approved in January 2011 and amended in March 2011 include restrictions on actions CalHFA staff may take regarding debt strategies and mortgage products. When taken together with the May 2011 board resolution (See Recommendation 1), these actions restrict CalHFA staff to implementing only financing strategies and loan products approved by the board. (See 2012-406 p. 32)
Agency responses received after June 2013 are posted verbatim.