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 $10,000,000. (District 6)
DISCUSSION
New Hope Home, L.P., a California limited partnership and division of Barker Management, Incorporated (BMI), has requested the CSCDA issue bonds on its behalf in an aggregate amount not to exceed $10,000,000 to finance the acquisition and rehabilitation of New Hope Home, L.P., located at 1150 New York Street, Long Beach, CA.
CSCDA is a joint powers authority consisting of over 500 California cities, counties and special districts, including the City of Long Beach. The CSCDA will issue tax-exempt debt in an amount not to exceed $10,000,000 to New Hope Home, L.P., which is an existing 140-unit affordable senior rental housing complex. Although the New Hope Home, L.P., is in relatively good physical condition, many areas need renovation and upgrading to prevent further deterioration.
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 City Council originally adopted a resolution approving the issuance of revenue bonds by CSCDA for this project on August 19, 2008. BMI returned to the City Council on November 10, 2009 to request adoption of a resolution approving the issuance of revenue bonds by CSCDA in the amount of $9,000,000 because previous allocations had to be returned as a result of the downturn in the financial markets. BMI is now requesting that CSCDA issue an additional $1,000,...
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