Empower individuals & families ● Build community resilience ● Promote housing opportunities ● Enhance quality of life
HOUSING &
HOMELESS SERVICES
Item 7.2
Seniors on Broadway Bond Hearing
HOUSING &
HOMELESS
SERVICES
Seniors on Broadway
• MAAC, developer & operator
• 845 Broadway
• Built in 2005
• 41 Affordable Units + 1 Manager’s Unit
• Rents at 30%, 45%, and 50% of AMI
• Built with City assistance
• Now needs rehabilitation
• Roof, ADA upgrades, and balcony repairs
HOUSING &
HOMELESS
SERVICES
Tax –Exempt Bonds
• NOT a City subsidy or loan; no City liability
• NOT a project approval; building already exists
• Low-interest loan for affordable housing
HOUSING &
HOMELESS
SERVICES
TEFRA
• Hearing must be held, with opportunity for
public comment
• $12,000,000 maximum bond amount
• California Municipal Finance Authority (CMFA)
as outside issuer
• Project in motion before Chula Vista
Housing Authority’s bond policy was
updated
• City regulatory agreement does prescribe
preference for Chula Vista residents and
workers
HOUSING &
HOMELESS
SERVICES
Recommendation
Approve a plan of finance,
including the issuance of
tax-exempt bonds, for
Seniors on Broadway