Tax Equity and Fiscal Responsibility Act
Public Hearing
North Housing Senior Apartments
City Staff: Amy Wooldridge, Lisa Fitts
December 5, 2023
TEFRA Public Hearing
• Tax Equity and Fiscal Responsibility Act (TEFRA) Hearing • California Municipal Finance Authority (CMFA) Multifamily Housing Revenue Bonds for North Housing Senior (aka Linnet Corner) • Bond payments will be the sole responsibility of the Developer and the Housing Authority
• City will have no financial, legal, moral obligation, liability or responsibility www.alamedahsg.org
Linnet Corner | City of Alameda, Alameda County, CA
www.alamedahsg.org
TEFRA
Tax Equity and Fiscal Responsibility Act (TEFRA)
• IRS requires a TEFRA hearing for
any non-profit borrower seeking
tax-exempt bonds through a
conduit issuer
• California Debt Allocation
Committee (CDLAC) requires
that all QRRP Applications
provide a TEFRA Resolution
adopted by the governing body
of the jurisdiction in which the
proposed project or program will
be located
www.alamedahsg.org
Background
Housing Authority of the City of Alameda & Island City Development • In 1940, the Housing Authority of the City of
Alameda (AHA) was established.
• AHA provides housing assistance, affordable
real estate development, resident services,
and management of AHA owned properties
• Island City Development (ICD) is a non-profit
affiliate of AHA that develops, acquires, owns,
finances, rehabilitates, and operates
affordable housing.
• In 2019, AHA was awarded twelve acres of
land donated and formerly owned by the U.S.
Navy.
• North Housing Senior contains 64 of the 586
units that have been entitled for the site.
www.alamedahsg.org
Project Description
Address
2000 Lakehurst Circle, Alameda, CA 94501
Target Population
A total of 64 units targeting seniors and formerly
homeless/homeless senior veterans 62+
# of Bedrooms # of Units Affordability Levels
Studios 15 30% AMI
Studios 25 40% AMI
One-Bedrooms 23 30% AMI
Two-Bedrooms 1 100% AMI*
(*Mgr’s Unit)
Site Amenities
Nearby amenities include transit, Estuary Park, Target, Safeway, CVS Pharmacy, & College of Alameda
www.alamedahsg.org
North Housing Block A Timeline
Linnet Corner – Anticipated
Completion Fall 2025
www.alamedahsg.org
Thank You
Staff Recommendation
• Conduct a TEFRA public hearing
• Adopt a resolution approving the issuance of revenue bonds by the California Municipal Finance Authority (CMFA) in an aggregate principal amount not-to-exceed $35,000,000 to finance the North Housing Senior Apartments Affordable Housing project, a 64-unit senior multifamily rental housing project