Empower individuals & families ● Build community resilience ● Promote housing opportunities ● Enhance quality of life
HOUSING &
HOMELESS SERVICES
Item 7.1
Citrus Villa Bond Hearing
HOUSING &
HOMELESS
SERVICES
Citrus Villa
(Chula Vista Seniors)
• Interfaith Housing Foundation, developer
• 178 Third Street
• 57 Affordable Units + 1 Manager’s Unit
• Rents at 35%, 50%, and 60% of AMI
• Density Bonus project
• Community room and courtyard
• Completion target December 2024
HOUSING &
HOMELESS
SERVICES
Tax –Exempt Bonds
• NOT a City subsidy or loan; no City liability
• NOT a project approval; building is already under construction • Low-interest loan for affordable housing
HOUSING &
HOMELESS
SERVICES
TEFRA
• Hearing must be held, with
opportunity for public comment
• $25,000,000 maximum bond
amount
• California Municipal Finance
Authority (CMFA) as outside issuer
• Project in motion before Chula
Vista Housing Authority’s bond
policy was updated
• No local priority due to timing of
Density Bonus regulatory agreement
• Still likely that most tenants will
be existing Chula Vista residents
HOUSING &
HOMELESS
SERVICES
Recommendation
Approve the issuance of tax-exempt bonds for Citrus Villa