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 the Retirement Housing Foundation (RHF) in an amount not to exceed $45,000,000. (District 8)
DISCUSSION
The Retirement Housing Foundation, a national nonprofit public benefit corporation, has requested that the California Statewide Communities Development Authority (CSCDA) issue revenue bonds on its behalf in an aggregate amount not to exceed $45,000,000 to refund and refinance their 1998 Select Auction Variable Rate Securities. The purpose of this refunding is to refinance the auction rate structure and move to a more competitively priced debt structure in the market. The CSCDA will issue tax-exempt debt and refund current variable rate debt, which will be loaned to the Retirement Housing Foundation (RHF) in an amount not to exceed $45 million. The Bixby Knolls Towers, located at 3737 and 3747 Atlantic Avenue in Long Beach, is one of the five properties that will benefit from this refunding. Since the Bixby Knolls Towers is located in Long Beach, the City held the TEFRA hearing.
CSCDA is a joint exercise of powers authority consisting of over 480 California cities, counties, and special districts, including the City of Long Beach. RHF is a California nonprofit provider of housing options and services to senior adults, persons with disabilities, and low-income families. RHF was incorporated in 1961 and has thus grown to become one of the nation's largest nonprofit providers and managers of these services. They have expanded to 155 facilities. in 25 states, Puerto Rico and the Virgin Islands. In total, RHF serves approximately 16,000 residents with approximately 14,750 units and beds.
The Internal Revenue Service (IRS) Code requires that the CSCDA seek approval from the...
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