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 Municipal Finance Authority (CMFA), to benefit a partnership to be formed by Abode Communities and American Gold Star Manor, a non-profit corporation, in an amount not to exceed $60,000,000. (District 7)
DISCUSSION
Abode Communities (Abode) was developed in 1968, to carry out a goal of building sustainable multi-family affordable housing to address the needs of Southern California's large workforce, low-income families, seniors and individuals with special needs. Abode currently owns 34 properties that are home to more than 6,200 residents. Abode has requested that CMFA issue bonds on its behalf, in an aggregate amount not to exceed $60,000,000. The CMFA is a joint exercise of powers authority, consisting of over 200 California cities, counties, and special districts, whose mission is to support economic development, job creation and social programs throughout the State of California.
The CMFA will issue tax-exempt debt, the proceeds of which will be loaned to a partnership to be formed by Abode and American Gold Star Manor, a nonprofit corporation (AGSM), for the purpose of financing the acquisition and rehabilitation of 348 multi-family rental units, located at 3021 North Gold Star Drive, known as American Gold Star Manor (Project). The Project will be rehabilitated to improve major systems and living spaces, improve energy efficiency, common area amenities, resident services, and accessibility. Rent will also be restricted to households with incomes no greater than 60 percent of the area median income (AMI), although actual income targeting will be closer to 30 percent AMI, due to rental subsidies provided by the U.S. Department of Housing and Urban Development (HUD). The financing of this Project will result in the preservation ...
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