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 Community Development Authority (CSCDA) to benefit New Hope Home, L.P. in an amount not to exceed $9,000,000. (District 6)
DISCUSSION
New Hope Home, L.P., a California limited partnership and division of Barker Management, Incorporated (BMI), has requested the CSCDA to issue bonds on its behalf in an aggregate amount not to exceed $9,000,000 to finance the acquisition and rehabilitation of New Hope Home, located at 1150 New York Street, Long Beach, CA.
The CSCDA will issue tax-exempt debt, which will be loaned to New Hope Home, L.P., in an amount not to exceed $9,000,000. New Hope Home (the Project) is an existing 140-unit affordable senior rental housing complex. Although the Project is in relatively good physical condition, many areas need renovation and upgrading to prevent further deterioration.
CSCDA is a joint powers authority consisting of over 480 California cities, counties and special districts, including the City of Long Beach. BMI was formed 27 years ago with the concept of providing quality property management services to the affordable housing market. BMI began by managing federally-assisted housing and has expanded over the years to include conventional housing and commercial property developments. Its specialty, however, continues to be the management of affordable housing.
The Internal Revenue Service (IRS) Code requires that CSCDA seek approval from the City Council of the bonds issued, a portion of which will benefit facilities within the City. A TEFRA public hearing notification was published in the Press-Telegram on October 15, 2009. The TEFRA hearing was held on October 29, 2009 at 9:00 a.m. The public hearing, required by federal tax law regulations, was conducted by the City Treasurer in the six...
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