TITLE
Recommendation to receive supporting documentation into the record regarding the Tax Equity and Fiscal Responsibility Act public hearing; and adopt resolution approving the issuance of revenue bonds by the California Municipal Finance Authority to benefit a partnership to be formed by Century Affordable Development, Inc., to finance the rehabilitation of the Beachwood Apartments, in an amount not to exceed $15,000,000. (District 1)
DISCUSSION
Century, a California non-profit, 501 (c)(3) corporation, has requested that CMFA issue bonds on its behalf, in an aggregate amount not to exceed $15,000,000, for the rehabilitation of a 45-unit multifamily development known as Beachwood Apartments, located at 475 West Fifth Street and 505 West Sixth Street (Project). Beachwood Apartments is restricted to lower-income disabled households.
Century is a non-profit affiliate of Century Housing Corporation and Century Villages at Cabrillo. Century has a long history of development experience. Over the past 20 years, Century, through its affiliates, has developed and rehabilitated extensive housing and supportive service space, including 1,204 residential units across 13 developments, with another 383 units in predevelopment or under construction. The CMFA is a joint exercise of powers authority, consisting of over 240 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 the partnership formed by Century Affordable Development, Inc. (Borrower), to fund the Project. The City, through The Long Beach Community Investment Company, provided a $2 million Home Investment Partnerships Program (HOME) loan to Century for the acquisition of the project in late 2016 that was funded by the U.S Department of Housing and Urban Development (HU...
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