TITLE
Recommendation to receive supporting documentation into the record regarding the Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing, and adopt resolution approving the issuance of revenue bonds by the California Statewide Communities Development Authority (CSCDA), to benefit Springdale West Preservation Limited Partnership, or its affiliates, Springdale West Apartments, in an amount not to exceed $80,000,000. (District 7)
DISCUSSION
Springdale West Preservation Limited Partnership has requested the California Statewide Communities Development Authority (CSCDA) to issue bonds on its behalf, in an aggregate amount not to exceed $80,000,000. The CSCDA is a joint exercise of powers authority consisting of over 500 California cities, counties and special districts, including the City.
The CSCDA will issue tax-exempt debt to help finance the acquisition and rehabilitation of an apartment building located at 2095 W. Spring Street, which is referred to as Springdale West Apartments (Springdale). Springdale was built in the mid-1970s as an affordable housing community intended for very low- and low-income households. It includes 410 one-, two-, and three-bedroom apartment units. The rehabilitation of the property will include updated landscaping, new kitchen appliances, countertops and cabinets, flooring, windows, painting, fencing, and water heaters. Additionally, the developer will construct a swimming pool for use by all tenants.
The project’s affordability covenants are due to expire within the next six months, and the existing affordable units are at risk of converting to market rate, as indicated in the City’s Certified 2013-2021 Housing Element (Housing Element). The Housing Element, Section V Policy 1.1, encourages providing financial and other assistance to preserve the affordability of at-risk housing units. Springdale West Preservation Limited Partnership is proposing to preserve the project’s affordability through the acquisition and ...
Click here for full text