Empower individuals & families ● Build community resilience ● Promote housing opportunities ● Enhance quality of life
HOUSING &
HOMELESS SERVICES
Item 7.2
Sol Vista TEFRA
HOUSING &
HOMELESS
SERVICES
Multifamily Housing Revenue Bonds
• Awarded by California Debt Limit Allocation
Committee (CDLAC)
• Low-cost financing for affordable housing projects
• Paired with 4% tax credits from California Tax
Credit Allocation Committee (CTCAC)
• No City/Housing Authority financial obligation
• Repaid from rental revenue
HOUSING &
HOMELESS
SERVICES
Bond
Process
CDLAC
Governmental
Lender
Funding
Lender
Project
HOUSING &
HOMELESS
SERVICES
TEFRA
• Tax Equity and Fiscal Responsibility Act of 1982
• Hearing must be held, with opportunity for
public comment
• Held by local jurisdiction, not bond issuer
• Sol Vista $14 million issuance amount
HOUSING &
HOMELESS
SERVICES
Project Overview
• Village 2
• Baldwin & Sons
• Mix of 1, 2, and 3
bedroom units
• 30% - 70% of Area
Median Income (AMI)
HOUSING &
HOMELESS
SERVICES
Project Overview
• 96 units
• 4 story, L shaped layout,
wood frame
• Part of larger 599-unit
complex
• Tot lot, dog park, fitness
room, pool, lounge areas,
and other amenities
Project Location
HOUSING &
HOMELESS
SERVICES
Income & Rent Restrictions
% of Area Median Income (AMI) 3 Person Household 2 Bedroom Unit 30% of AMI $44,670 $1,116
50% of AMI $74,450 $1,861
60% of AMI $89,340 $2,233
70% of AMI $104,230 $2,605
HOUSING &
HOMELESS
SERVICES
Milestones & Timeline
Milestone Responsible Party Target Date
HHAC Consideration of Inducement HHAC July 16, 2025
Bond Inducement Housing Authority August 5, 2025
CDLAC Application Baldwin & Sons September 9, 2025
Award Notification CDLAC December 2025
Building Permit Issued City March 23, 2026
HHAC Recommendation of Bond
Issuance
HHAC March 25, 2026
TEFRA Hearing & Approval City April 21, 2026
Bond Issuance Final Approval Housing Authority April 21, 2026 Loan Closing & Construction Start Baldwin & Sons May 2026 Construction Completion Baldwin & Sons May 2028
HOUSING &
HOMELESS
SERVICES
Staff Recommendation
City of Chula Vista conduct a public hearing and
adopt a resolution authorizing the issuance of tax-
exempt bonds for the Sol Vista Apartments project
and certain other matters relating thereto