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File #: 1975-2019    Version: 1 Name:
Type: Afternoon Public Hearing/Appeal Status: Passed
File created: 7/19/2019 In control: CITY COUNCIL
On agenda: 8/6/2019 Final action: 8/6/2019
Title: Bond Financing for the Development of Manzanita Family Apartments, a Proposed 51-Unit Affordable Rental Project Located at 2951 Soscol Avenue
Attachments: 1. ATCH 1 - Resolution
To: Honorable Mayor and Members of City Council

From: Vincent Smith, Community Development Director

Prepared By: Lark Ferrell, Housing Manager

TITLE:
Title
Bond Financing for the Development of Manzanita Family Apartments, a Proposed 51-Unit Affordable Rental Project Located at 2951 Soscol Avenue

LABEL
RECOMMENDED ACTION:
Recommendation

Adopt a resolution approving the issuance of revenue bonds in an aggregate principal amount not to exceed $35,000,000 by the California Municipal Finance Authority for the benefit Manzanita, L.P. (or an affiliate thereof) to finance an affordable rental housing project (a 51-unit apartment project located at 2951 Soscol Avenue) and certain other matters relating thereto and determining that the actions authorized by the resolution are exempt from CEQA.

Body
DISCUSSION:
Satellite Affordable Housing Associates (SAHA), a nonprofit housing developer, is proposing to develop Manzanita Family Apartments, a 51-unit affordable rental project, at 2951 Soscol Avenue (the "Project"). The site was previously excess right-of-way which the City made available for affordable housing. The Project is fully entitled and would include 50 units for households earning 30%, 50% and 60% of area median income and one unrestricted manager's unit.

SAHA is proposing to utilize up to $35,000,000 of tax-exempt bonds to help finance the Project. California Municipal Finance Authority (CMFA) would issue the bonds and lend the proceeds to SAHA or an entity created by SAHA (the "Developer"). In order for CMFA to issue tax exempt bonds, the City, as the jurisdiction in which the Project is located, must first give reasonable notice to members of the public to allow them to speak in favor or against the use of tax-exempt bonds for the Project, conduct a public hearing, and approve the issuance of the bonds.

CMFA was formed in 2004, pursuant to a joint exercise of powers agreement, to assist local governments, non-profit organizations and busi...

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