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 multi-family housing revenue bonds by the California Municipal Finance Authority, to benefit a partnership to be formed by Mercy Housing California, a nonprofit corporation, in an amount not to exceed $40,000,000. (District 6)
DISCUSSION
The mission of Mercy Housing California (Mercy), the largest regional division of Mercy Housing, Inc., a national nonprofit corporation, is to promote affordable housing and supportive programs to improve the economic status of residents, transform neighborhoods and stabilize lives. Mercy serves low- and very low-income working families, seniors and individuals across 36 California counties, with developments of 10,942 affordable homes, including 7,940 in rental and 3,002 in homeownership. Mercy has requested that CMFA issue bonds on its behalf, in an aggregate amount not to exceed $40,000,000. The CMFA is a joint exercise of powers authority, consisting of over 200 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 debt, the proceeds of which will be loaned to a partnership to be formed by Mercy, for the purpose of financing the acquisition and rehabilitation of Saint Mary Tower Apartments, an existing 148 unit multifamily residential building located at 1120 Atlantic Avenue (Project). The Project, which was originally constructed in 1986, will be rehabilitated to improve energy and water efficiency, common area amenities, resident service facilities and interior units. Rental occupancy will be restricted to households with incomes no greater than 60 percent of the area median income. This tax-exempt financing will result in the preservation of 148 units and will extend the affordability o...
Click here for full text