CITY COUNCIL MEETING
FEBRUARY 8, 2022
PRESENTATIONS
PUBLIC HEARING
ITEM #2
PH 22-006
ANDINA AFFORDABLE
HOUSING PROJECT
TEFRA HEARING
PUBLIC TAX
&
EQUITY FISCAL
RESPONSIBILITY
ACT HEARING
Andina
Affordable
Housing Project
TEFRA Hearing
Dustin Claussen, Director of Finance 1
Tax and Equity Fiscal Responsibility
Act(TEFRA)
Required by Required by the Internal Revenue Code of
1986
Issuance of Tax-Exempt Multifamily Housing Revenue
bonds not to exceed $45 Million
The bonds are not the liability of the City in any way shape or form
2 Andina Apartments Affordable
Housing Project Information
Convert property from market
rate to mixed income housing:
55% restricted for low income
20% restricted for very low
income
Remaining units subject to RRSO
rent increase limits
3 Displacement & Minimizing Impact
on Current Residents
Existing tenants protected under RRSO
Just Cause Eviction Protection regardless
of income level
22 Units available to tenants available
without income requirements
Project has potential to reduce rents for
53 tenants
Further protection offered by developer
limiting rent increases to 5% annually
4 Questions & Council
Consideration of
Resolution
5