REPORT TO COUNCIL
SUBJECT
Title
Adopt a Resolution Approving the California Municipal Finance Authority (CMFA) Issuance of Tax-Exempt Bonds Relating to the Financing of a 59-Unit Multifamily Rental Housing Project for Low-Income Households to be Located in the City of Santa Clara, California at 3941 Stevens Creek Boulevard
Report
COUNCIL PILLAR
Promote and Enhance Economic, Housing and Transportation Development
BACKGROUND
As part of the financing process for affordable housing projects which are seeking to utilize State tax-exempt bonds, the local jurisdiction, in this case the City of Santa Clara, is required by State law to conduct a public hearing. The applicant (CRP Affordable Housing and Community Development) is proposing to build a 59-unit 100% affordable project at 3941 Stevens Creek Boulevard and has applied to the State for tax-exempt bonds to help finance their project. The City is conducting this public hearing as a result of their application to the State.
CRP Affordable Housing and Community Development LLC, a Delaware limited liability company (the "Sponsor"), on behalf of a limited partnership to be created by the Sponsor or an affiliate of the Sponsor" (such limited partnership, the "Borrower"), has specifically requested that the CMFA issue one or more series of revenue bonds in an aggregate principal amount not to exceed $50,000,000, including, but not limited to, revenue bonds issued as part of a plan to finance acquisition, construction, improvement and equipping of a 59-unit multifamily rental housing facility for low-income households, to be located in the City of Santa Clara, California at 3941 Stevens Creek Boulevard, and to be owned and operated by the Borrower.
For all or a portion of the bonds to qualify as tax-exempt bonds, the City of Santa Clara must conduct a public hearing under the Tax Equity and Fiscal Responsibility Act (the "TEFRA Hearing") to provide the members of the community an opportunity to speak in favor of or a...
Click here for full text