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 Abode Communities, Evergreen Apartments Multifamily Housing, in an amount not to exceed $14,000,000. (Districts 4,9)
DISCUSSION
Abode Communities, founded as Los Angeles Community Design Center in 1968 to build sustainable, multi-family affordable housing to address the needs of Southern California's large workforce, low-income families, seniors and individuals with special needs, has requested the CMFA to issue bonds on its behalf in an aggregate amount not to exceed $14,000,000. The CMFA is a joint exercise of powers authority, consisting of over 125 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, which will be loaned to Abode Communities, to finance the acquisition and rehabilitation of 81 units of multifamily rental housing located on three sites in the City of Long Beach, including 1823 E. 68th Street (36 units), 1801 E. 68th Street (26 units) and 1528 N. Freeman Avenue (19 units) to be known as the Evergreen Apartments.
The original TEFRA hearing was held on October 5, 2010 and City Council originally adopted a Resolution approving the issuance of revenue bonds by CMFA for this project on November 9, 2010. The project was delayed due to a restructuring of the project financing. It is expected that these bonds will be issued before the end of 2011. Under applicable Federal tax law, the public hearing must be held no earlier than one year from the date of issuance of the bonds, and because the bonds were not issued before October 5th, a new public hearing was needed for the bonds...
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