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 Community Development Authority (CSCDA) to benefit Hunt Capital Partners, LLC, or its affiliates, Belwood Arms Apartments, in an amount not to exceed $7,500,000. (District 9)
DISCUSSION
Hunt Capital Partners, LLC, Western Community Housing, Inc., Davila Properties, LLC, and Ashwood Construction, Inc., formed a limited partnership and have requested the CSCDA to issue bonds on its behalf in an aggregate amount not to exceed $7,500,000. The CSCDA is a joint exercise of powers authority consisting of over 500 California cities, counties and special districts, including the City of Long Beach.
The CSCDA will issue tax-exempt debt to help finance the acquisition and rehabilitation of an apartment building located at 6301 Atlantic Avenue, which is referred to as Belwood Arms Apartments. The development provides housing for low- and very low-income residents and includes 34 apartment units. The rehabilitation will include the replacement kitchens and bathrooms in all the units; replacement of floor coverings, appliances, and lighting; an upgrade of the roof-mounted solar and auxiliary hot water systems; an upgrade of the plumbing and electrical systems; replacement of the roof; installation of new energy efficient windows; and, extensive exterior improvements, including new siding, architectural treatments, landscaping and lighting.
The project is being financed with tax-exempt bond proceeds, low-income housing tax credits, deferred developer fee, and a loan from The Long Beach Housing Development Company (LBHDC), which was approved on June 15, 2011.
The original TEFRA hearing was held on July 14, 2011, and the City Council originally adopted a Resolution approving the issuance of revenue bonds by CSCDA for this project ...
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