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 multifamily housing revenue bonds by the California Municipal Finance Authority (CMFA) to benefit AMCAL Las Ventanas Fund, L.P., for the development of Las Ventanas Apartments, at 1795 Long Beach Boulevard, in an amount not to exceed $45,000,000. (District 1)
DISCUSSION
AMCAL Las Ventanas Fund, LP., an affiliate of AMCAL Multi-Housing, Inc., and its affiliate AMCAL Enterprises, Inc. (AMCAL), has requested that California Municipal Finance Authority (CMFA) issue bonds on its behalf, in an aggregate amount not to exceed $45,000,000, for the development of a 102-unit affordable multifamily rental housing development known as Las Ventanas Apartments, at 1795 Long Beach Boulevard (Project).
AMCAL has 22 years of experience developing multifamily rental housing in California, and has developed 79 projects with over 7,200 units. The portfolio includes 9 tax-exempt bond financed projects with over 700 affordable housing units. In the past 5 years, AMCAL has completed 9 projects with 640 units, 2 of which were financed by tax-exempt bonds and resulted in a total of 109 units. 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.
The CMFA will issue tax-exempt multifamily housing revenue bonds, the proceeds of which will be loaned to the partnership formed by AMCAL, to fund the Project. The City, through The Long Beach Community Investment Company, provided a $3,750,000 loan for the acquisition of the site. The Project includes the development of a 102-unit apartment building with approximately 4,000 square feet of ground floor retail space. The units will be affordable to household...
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