Empower individuals & families ● Build community resilience ● Promote housing opportunities ● Enhance quality of life
HOUSING &
HOMELESS SERVICES
Item 7.1
TEFRA: Otay Ranch Phase II
City Council | May 19, 2026
Presented by:
Brian Warwick, Housing Manager
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
Governmental Lender
• California Municipal Finance Agency (CMFA)
• Joint Powers Authority; Chula Vista is a member
• One of the largest statewide bond issuers in
California
• Staff approves as outside issuer approved due to
need for recycled bonds
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
• Bond amount not to exceed $80 million
HOUSING &
HOMELESS
SERVICES
Project Overview
• Village 8 East
• Council District 3
• HomeFed Corporation
is master developer
• Project developer is
Meta Housing
HOUSING &
HOMELESS
SERVICES
Project Overview
• Adjacent to Olympian
High School, SR-125
• “High Resource”
neighborhood
designation
• In fulfillment of
Village 8 East
inclusionary
obligation
HOUSING &
HOMELESS
SERVICES
Project Overview
• 267 affordable units +
3 manager’s units
• 4 story, wood frame
• Amenities include
community rooms,
fitness & yoga rooms,
BBQs and fire pit,
courtyards, and tot lot
HOUSING &
HOMELESS
SERVICES
Project Overview
• 120 one-bedroom units
• 81 two-bedroom units
• 69 three-bedroom units
• Summer 2026 construction start
• 2028 completion
• Range of household incomes,
from 30% of Area Median
Income (AMI) to 70% of AMI
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 Otay Ranch Family
Apartments project and certain other matters
relating thereto