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File #: 19-0658    Version: 2 Name: TEFRA - Quail Run Apartments
Type: CC- Public Hearing Status: Agenda Ready
File created: 8/20/2019 In control: City Council
On agenda: 9/10/2019 Final action:
Title: PUBLIC HEARING - TEFRA PUBLIC HEARING FOR A TAX-EXEMPT BOND ISSUANCE BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY IN AN AMOUNT NOT TO EXCEED $66 MILLION - QUAIL RUN APARTMENTS - 1018 BELLEVUE AVENUE BACKGROUND: Eden Housing, Inc., (“Eden”) is recapitalizing Quail Run Apartments, an existing 200-unit multifamily affordable housing development, to finance acquisition and rehabilitation of the 20-year-old property. The primary funding sources for the $88 million project include a tax-exempt bond issuance and a new allocation of tax credits. Eden has selected the California Municipal Finance Authority (“CMFA”), a joint powers authority of which the City is a member, to be the issuer of multifamily housing revenue bonds in an amount not to exceed $66 million. Eden has requested that the City Council conduct a public hearing in accordance with the Tax Equity and Fiscal Responsibility Act (“TEFRA”). The issuance of tax exempt, private activity bonds, even by an outside joint-powers autho...
Sponsors: Housing and Community Services
Indexes: Exempt Project
Code sections: 15378 - Not a Project
Attachments: 1. Staff Report, 2. Attachment 1 - Locational Graphic, 3. Attachment 2 - Eden Housing request letter, 4. Resolution, 5. Presentation