Skip to main content

Second-Party Opinion Download

Project Details


CalHFA Social Bond Framework Second Party Opinion (2021)


California Housing Finance Agency

Project Type

Social Bond/Loan

Industry Group


Use of Proceeds

Affordable housing



Evaluation Date

Aug 2021

Evaluation Summary

Sustainalytics is of the opinion that the Social Bond Framework for the Purchase and Financing of Citibank, N.A. Affordable Housing Loans is credible and impactful and aligns with the four core components of the Social Bond Principles 2021. This assessment is based on the following: 


The eligible category for the use of proceeds –Affordable Housing – is aligned with those recognized by the Social Bond Principles that seek to achieve positive socio-economic outcomes for the target population. Sustainalytics considers that activities in the eligible category will lead to positive social impacts and advance the UN Sustainable Development Goals, specifically SDG 11: Sustainable Cities and Communities 


Eligible projects under the Framework will be assessed by members of the California Housing Finance Agency (“CalHFA” or the “Agency”) staff, including the Senior Acting Director of the Finance Division and the Director, Multifamily Programs. Sustainalytics considers the project selection process to be in line with market practice. 


CalHFA’s Financing Division will be responsible for the use of bond proceeds. The Agency will identify the pool of assets being financed in advance of each issuance and allocate all proceeds immediately at the time of issuance. CalHFA will not retain the flexibility to re-allocate proceeds. This is in line with market practice. 


CalHFA commits to publishing an upfront report as part of the Official Statement for each issuance with information on specific assets such as the total number of units, rent limits as well as the regulatory agreements in place. In addition, CalHFA intends to disclose relevant social impact metrics. Sustainalytics views CalHFA’s allocation and impact reporting as aligned with market practice.