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HOUSING &
HOMELESS SERVICES
Item 7.1
Bond Issuance: Congregational Place
HOUSING &
HOMELESS
SERVICES
• 1982 law
• Public hearing required prior to any issuance of tax-exempt bonds to nonprofit borrowers
• Public noticing required
• Public opportunity to comment
TEFRA Hearing
Tax Equity and Fiscal Responsibility Act
HOUSING &
HOMELESS
SERVICES
Congregational Place
• 305 E Street
• 55 units for seniors (+1
mgr’s unit)
• Density Bonus
• Retirement Housing
Foundation & CCDC
• Completion date 1/2026
HOUSING &
HOMELESS
SERVICES
• California Municipal Finance Agency (CMFA) is bond issuer – NOT City of Chula Vista or CV Housing Authority
• Does not impact City’s credit rating or bond limit
Bond Issuance
Awarded by CDLAC
•December 2023
•$20,197,416
Approved by City of
Chula Vista
•Tonight’s TEFRA
hearing
•$30 Million amount
as padding in case
of supplemental
bonds needed
Issued by CFMA
• Prior to
construction start
HOUSING &
HOMELESS SERVICES
Item 7.1 Recommended Action
• Hold a Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) public hearing.
• Adopt a resolution approving the issuance of tax-exempt multifamily housing revenue bonds for the construction of the Congregational Place project and certain other matters relating thereto. [email protected]
[email protected]
Questions and Follow-Up: