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 limited partnership sponsored by Volunteers of America National Services, in an amount not to exceed $13,000,000. (District 1)
DISCUSSION
Volunteers of America National Services (VOANS), a subsidiary of Volunteers of America, Inc., is a human service organization founded in 1896, owns and operates nursing care facilities providing skilled nursing, convalescent and rehabilitative care; apartments for the elderly that provide a secured independent living environment and supportive services; assisted-living programs to elderly residents who can no longer live in an independent environment; and, various human service programs throughout the United States. VOANS also develops and manages subsidized and affordable housing throughout the country. VOANS has requested that CMFA issue bonds on its behalf in an aggregate amount not to exceed $13,000,000. The CMFA is a joint exercise of powers authority, consisting of over 175 California cities, counties, and special districts, whose mission is to support economic development, job creation and social programs throughout the State of California, while giving back to California communities.
The CMFA will issue tax-exempt debt, the proceeds of which will be loaned to Sea Mist VOA Affordable Housing, L.P., a California limited partnership, for the purpose of financing the acquisition and rehabilitation of a 75-unit multi-family senior rental housing facility located in the City at 1451 Atlantic Avenue, known as Sea Mist Towers (Project). The project, originally constructed in 1993, will be rehabilitated to address building systems, finishes, common areas, and accessibility. The project will remain affordable to low-income seniors for a period of 55 ...
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