Item 2 - Request for Approval of Financing Plan & Ground Lease Amendments for Rehab & Improvement of Three (3) Affordable Housing Communities

December 22, 2025, Item #2
DATE:

TO:

FROM:

CONTACT:

SUBJECT:

Summary:

AGENDA REPORT CityofPoway
December 22, 2025
Honorable Mayor and Members of the City Council
Honorable Chairman and Members of the Housing Authority Julie Procopio, Director of Development Serviceso/
Darian Demerjian, Senior Management Analyst~
(858) 668-4636 or [email protected] Y 'I

CITY COUNCIL
Request for Approval of Financing Plan and Ground Lease Amendments for Rehabilitation and Improvement of Haley Ranch Estates, Hillside Village and Parkview Terrace Affordable Housing Communities
Community HousingWorks ("CHW") successfully developed and operates low-income housing tax credit affordable communities within the City of Poway. On December 5, 2023, the Poway Housing Authority Board ("Authority") adopted Resolution No. H-23-01 (Attachment A) which authorized CHW to submit applications for a new reservation of low-income housing tax credits paired with a new allocation of tax-exempt bonds for the rehabilitation of three of its communities: Haley Ranch Estates, Hillside Village, and Parkview Terrace (collectively, "Project"). This new funding would extend income affordability and enhance resident quality of life through rehabilitation and repair of housing units, community buildings, and infrastructure.

On November 25, 2025, CHW was notified their applications were being included in the California Debt Allocation Committee ("CDLAC") final recommendation list to obtain tax-exempt bond financing. This award was not anticipated. CHW reached out to City staff (Attachment B) to request an expedited review and approval of the proposed refinancing plan and ground lease amendments prior to the expiration of the City's Difficult to Develop Area designation on December 27, 2025. Approval prior to this date would allow the Project to continue to be eligible for a 30% bonus in tax credit funding equating to more than $5 million in project funding that otherwise would not be available for the Project. Keyser Marston Associates ("KMA") has completed review of the Project proforma and finds the proposed financing plan to be reasonable, economically sustainable and consistent with typical affordable housing rehabilitation transactions throughout California (Attachment C).

The Project is expected to be financed in a collective amount not to exceed $48,000,000 of tax-exempt revenue bonds by the California Municipal Finance Agency ("CMFA"). Pursuant to the Tax Equity and Fiscal Responsibility Act (''TEFRA"), the City of Poway must approve the use of tax-exempt bonds for the financing of the project. A TEFRA public hearing was held on December 11, 2025, by the CMFA. No 1 of 22
December 22, 2025, Item #2
oral
testimony
or
written
comments
were
submitted
at
the
hearing
. Neither
the
City
of
Poway
nor
the
Poway
Housing
Authority
will
experience
any
fiscal
impact
related
to
the
bond
issuance.

Recommended
Action:

It
is
recommended
that
the
City
Council
and
Poway
Housing
Authority
Board:
1)
Authorize
the
Mayor
to
execute
the
Certificate
(Attachment
D)
approving
the
plan
of
financing
and
CMFA
issuance
of
bonds
for
Haley
Ranch
Estates
and
Hillside
Village.
2)
Authorize
the
Mayor
to
execute
the
Certificate
(Attachment
E)
approving
the
plan
of
financing
and
CMFA
issuance
of
bonds
for
Park
View Terrace
.
3)
Authorize
the
Executive
Director
and
Authority
Counsel
to
execute
all
documents
and
agreements
as
may
be
necessary
to
implement
and
effect
Resolution
No.

H-23-01
and
the
Project,
including,
without
limitation,
assignments
of
the
ground
leases
and
other
project
documents
to
new
limited
partnerships
established
by
CHW,
amendments
to
the
ground
leases
that
provide
for
a
new
55-year
term,
and
an
amendment
to
the
Haley
Ranch
Estates
ground
lease
that
changes
the
additional
rent
provisions
to
provide
that
all
net
cash
flow
will
be
split
equally between
the
Authority
and
CHW.
4)
Authorize
the
Executive
Director,
in
his
or
her
sole
and
absolute
discretion
and
following
further
financial
evaluation
of
further
lease
extensions,
to
further
amend
the
ground
leases
to
allow
for
up
to
two
ten-year
option
periods
for
Haley
Ranch
Estates
and
Hillside
Village
and
one
ten-year
option
period
for
Parkview
Terrace.

Discussion: In
late
November
2025,
City
staff
received
a
request
for
expedited
review
and
approval
of
a
plan
of
finance
and
ground
lease
amendments
for
three
affordable
housing
projects,
Haley
Ranch
Estates,
Hillside
Village
and
Parkview
Terrace,
all
situated
on
land
owned
by
the
Poway
Housing
Authority
and
operated
by
CHW.

After
receiving
late
notice
their
applications
for
low-income
housing
tax
credits
and
tax-exempt
bond
financing
were
approved,
the
City
engaged
KMA
who
has
been
the
City's
reliable
on
call
financial
and
real
estate
consultant
for
over
20 years.

KMA
has
over
50 years
of
experience
providing
local
affordable
housing
agencies
with
sound,
realistic
advice
based
on
deep
analysis
of
market
conditions,
financial
needs
and
community
benefits.

KMA
evaluated
the
proposed
project
and
its
proforma
over
an
extremely
condensed
timeline
and
found
the
proposed financing
plan
to
be
reasonable,
economically
sustainable
and
consistent
with
typical
affordable
housing
rehabilitation
transactions
throughout
California.

Staff
recommends
the
City
approve
the
financing
plan
as
it
represents
a
financially
prudent
way
to
rehabilitate
and
extend
the
useful
life
of
228
affordable
housing
units.

CHW
is
seeking
to
acquire
$28,000,000
in
tax-exempt
bonds
issued
by
CMFA
to
finance
the
rehabilitation
of
Haley
Ranch
Estates
and
Hillside
Village
and
$20,000,000
in
tax-exempt
bonds
to
finance
the
rehabilitation
of
Park
View
Terrace
for
a
total
of
$48,000,000
in
tax-exempt
bonds
.

Additional
information
on
the
rehabilitation
Project
is
included
in
December
5,
2023,
City
Council
Agenda
Report
(Attachment
A)
. The
Project
does
not
require
any
additional
financial
assistance
from
the
City
of
Poway
or
the
Poway
Housing
Authority.

Additionally,
the
City
will
not
accept
liability
or
responsibility
for
the
Project
or
the
repayment
of
the
bonds.

All
financing
documents
will
contain
clear
disclaimers
that
the
bonds
are
not
obligations
of
the
City
of
Poway
or
the
State
of
California.
2 of
22 December 22, 2025, Item #2
In order for the bonds to qualify as tax-exempt bonds, the City of Poway must authorize the use of the tax-exempt bonds for the financing of the Project by issuing the Certificates (Attachments D & E) approving a plan of finance of CMFA to issue and reissue revenue bonds. CMFA was created on January 1, 2004, pursuant to a joint exercise of powers agreement to promote economic, cultural and community development, through the financing of economic development and charitable activities throughout California. CMFA was formed to assist local governments, non-profit organizations and businesses with the issuance of taxable and tax-exempt bonds aimed at improving the standard of living in California. CMFA's representatives and its Board of Directors have considerable experience in bond financings.

On December 5, 2023, the City Council provided the Executive Director with the authority to approve a new 55-year ground lease for each of the three properties and execute all necessary documents.

Staff recommends the Executive Director also be authorized to amend the ground lease for Park View Terrace to add one ten-year extension to the ground lease agreement for Park View Terrace and two ten-year extensions to the ground lease agreement for Haley Ranch Estates and Hillside Village, if demonstrated to their satisfaction these extensions are required for financing purposes and financially prudent.

The annual rent payable under each of the ground leases is $1.00. However, the ground lease for Haley Ranch Estates includes an additional rent provision that provides that any net cash flow from operations is divided equally between the Housing Authority and the tenant and further provides that if the net cash flow for any year exceeds $60,000 the Authority receives all of the net cash flow thereafter. This is an unusual provision and CHW has requested to eliminate the $60,000 cap such that net cash flow would be split equally between the Authority and CHW. There are no net cash flow payment provisions in the ground leases for Park View Terrace or Hillside Village.

Staff recommends the City Council approve the proposed ground lease amendments and authorize the Mayor to execute certificates approving the plan of finance for each project. While the shortened timeline to evaluate and approve the proposal is less than desired, the City Council's approval at this time offers the benefit of preserving over $5 million in funding to rehabilitate affordable housing for 228 Poway households.

Environmental Review:

This action is not subject to review under the California Environmental Quality Act (CEQA).

Fiscal Impact:

The bonds to be issued by the CMFA for the Project will be the sole responsibility of the Borrower, and the City will have no financial, legal, moral obligation, liability of responsibility for the Project or the repayment of the bonds for the financing of the Project.

Each existing ground lease will be amended to provide for a new 55-year term, including the respective annual payment obligations thereunder. The Haley Ranch Estates Ground Lease Rent Provisions will be amended to share any net cash flow equally. No financial impact is anticipated since over the history of the ground lease, the average net cash flow has been $32,000 per year which does not exceed $60,000 cap.
3 of 22
December 22, 2025, Item #2
Public
Notification:

The
TEFRA
public
hearing
was
noticed
in
the
San
Diego
Union Tribune
on
December
4,
2025,
for
the
hearing
held
on
December
11,
2025.

Attachments: A.

December
5,
2023,
Agenda
Report
Item
14 &
Resolution
No.

H-23-01
B.

CHW
November
25,
2025
Email
Requesting
Expedited
Review
and
Approval
C.

KMA
December
18,
2025
Review
Letter
D.

TEFRA
Certificate
of
the
Mayor
for
Haley
Ranch
Estates
and
Hillside
Village
E.

TEFRA
Certificate
of
the
Mayor
for
Park
View
Terrace
Reviewed/Approved
By
:

Assistant
City
Manager
4 of
22 Reviewed
By:

Alan
Fenstermacher
City
Attorney
Chris
Hazeltine
City
Manager
December 22, 2025, Item #2
DATE: TO: FROM: CONTACT: SUBJECT: Summary:

AGENDA
RE
PQ
RT
City
of
Poway
December
5,
2023
Honorable
Chairman
and
Members
of
the
Housiri
·j_·
~ Atuthority
Robert
Manis,
Director
of
Development
Services
t'f/~
Marie
Sanders,
Senio
r Management
Analys
~
(858)
668-4637
or
msanders@poway
.org
CITY

COUNCIL
Request
for
Approval
of
the
Submission
of
Applications
for
the
Resyndication
of
Low-Income
Housing
Tax
Credits
and
Tax-Exempt
Bonds
for
Haley
Ranch
Estates,
Hillside
Village,
and
Parkview
Terrace
;.\ffordable
Housing
Communities
Community
HousingWorks
(''CHW'')
has
success
fu
lly
developed
and
operates
low-income
housing
ta
x
credit
affordable
communities
within
the
City
of
Pmvay
.

CHW
approached
the
Poway
Housing
Aut
hority
("Authority")
for
its
support
and
required
consent
to
submit
applications
for
a
new
reservation
of
low-income
housing
tax
credits
paired
with
a
new allocation
of
tax-exempt
bonds
for
thre
e
of
its
communities,
Haley
Ranch
Estates,
Hillside
Village,
and
Parkview
Terrace.

If
successful.
the
,
new
funding
would
extend
income
affordability
and
enhance
resident
quality
of
life
through
rehabilitation
and
repair
of
housing
units,
community
buildings,
and
infrastructure.

Cal
ifornia
Munic
ipal
Finance
Agency,
through
its
Joint-Powers
Agreement
with
the
City
of
Poway.
is
the
anticipated
tax-exempt
bond
issuer.

If
CHW
is
successful
in
obtaining
tax-e
xempt
bond
financing
, the
City
of
Poway
will
be
asked
to
hold
a Tax
Equity
and
Fiscal
Responsibilty
Act
public hearing
at
a future
date
to
be
determined.

Neither
the
City
of
Poway
nor
the
Poway
Housing
Authority
would
experien
ce
any
fiscal
impacr
related
ro
the
bond
issuance.

Recommended
Action:

It
is
recommended
the
Poway
Hous
ing
Authority
Board:
1)
Adopt
a
Resolution
(Attachment
A)
authorizing
Community
HousingWorks
to
submit
applications
to
apply
for
a
new
reservation
of
low-income
housing
tax
credits
paired
with
a
new
allocation
of
tax-exemp
t bonds
to
the
California
Tax
Credit
Allocation
Commi
ttee
and
California
Debt
Limit
Allocation
Committee
for
the
affordable
communities
of
Haley
Ranch
Estates,
Hills
ide
Village,
and
Pa
rkview
Terrace;
2)
Authorize
the
Executive
Director
co
execute
all
necessary
documents
relating
to
the
application
and
implementation
of
low-income
housi
ng
tax
credit
resyndicatlon
for
the
affordable
communities
of
Haley
Ranch
Estates,
Hillside
Village,
and
Parkview
Terrace;
and
3)
Authorize
the
Executive
Director
to
execute
all
necessary
documents
relating
to
~he
support
of
Community
HousingWorks'
applications
for
tax-exempt
bonds
and
low-income
housing
ta
x
credits
for
the
communities
of
Haley
Ranc
h
Estates,
Hills
ide
Village,
and
.Parkview
Terrace,
including,
providing
any
needed
commitment
letters
consistent
with
these
applications
, review
1 of
10 5
of
22 ATTACHMENT
A
December
5,
2023,
Item
#14
December 22, 2025, Item #2
and
approval
of
temporary
relocation
plans
for
community
residents,
and
California
Tax
Credit
Allocation
Committee
local
reviewing
agency
packages.
4)
Authorize
(i)
the
transfer
and
assignment
of
the
existing
Ground
Lease
and
Regulatory
Agreement
dated
September
26,
2000
by
and
between
the
Poway
Housing
Authority,
as
housing
successor
to
the
former
Poway
Redevelopment
Agency,
and
Haley
Ranch
Estates
Housing
Associates.

L.P.,
to
a
new
low-income
housing
tax
credit
partnership
controlled
by
Community
HousingWorks,
ye
t to
be
formed,
(ii)
an
amendment
to
the
Ground
Lease
to
extend
the
initial
term
thereof
for
a new
55-year
term,
and
(iii)
an
amendment
to
the
Regulatory
Agreement
to
reaffirm
the
term
thereof
as
in
perpetuity;
5)
Authorize
(i)
the
transfer
and
assignment
of
the
existing
Ground
Lease
for
Hillside
Village,
dated
June
8,
2001,
by
and
between
the
Poway
Housing
Au
hority.
as
housing
successor
to
the
former
Poway
Redevelopment
Agency,
and
Community
Housing
of
North
County,
to
a
new
low-income
housing tax
credit
partnership
controlled
by
Community
HousingWorks,
yet
to
be
formed,
and
(Ii)
an
amendment
to
the
Ground
Lease
to
extend
the
Initial
term
thereof
Ground
Lease
for
a new
55 -
year
term
;
6)
Authorize
(i)
the
transfer
and
assignment
of
the
existing
Regulatory
Agreement
for
Hillside
Village,
dated
February
5,
2002,
by
and
between
the
Poway
Housing
Authority.
as
housing
successor
to
tile
former
Poway
Redevelopment
Agency,
Breihan
Housing
Associates,
L.P.,
and
Community
Housing
of
North
County,
to
a
new
low-income
housing
tax
credit
partnership
controlled
by
Community
HousingWorks
, yet
to
be
formed
, and
(ii)
an
amendment
to
the
Regulatory
Agreement
to
reaffirm
the
term
thereof
as
in
perpetuity;
7)
Authorize
(i)
the
transfer
and
assignment
of
the
existing
Loan
Agreement
for
Hillside
Village
dated
February
5,
2002,
by
and
between
the
Poway
Housing
Authority,
as
housing
successor
to
the
former
Poway
Redevelopment
Agency,
and
Breihan
Housing
Associates.

L.P
..
and
the
existing
Promissory
Note
and
Deed
of
Trust
executed
by
Breihan
Housing
Asslociates,
L.P.
to
a
new
Low
Income
housing
tax
credit
partnership,
yet
to
be
formed,
and,
(ii)
an
amendment
to
the
Loan
Agreement
and
amendment
to
the
Promissory
Note
to
restate
the
loan
amount
thereunder
to
include
the
full
principal
amount
of
the
Loan
and
all
accrued
interest
through
the
date
of
finance
closing,
modify
the
interest
rate
on
the
Loan
to
the
Applicable
Federal
Rate
compounding
in
effect
as
of
the
date
of
finance
closing,
and
extend
the
term
of
the
Loan
for
a new
55-year
term;
and
8)
Authorize
(i)
the
transfer
and
assignment
of
the
Ground
Lease
and
Regulatory
Agreement
for
Parkview
Terrace
, dated
August
29,
1997
by
and
among
the
Poway
Housing
Authority
, as
housing
successor
to
the
former
Poway
Redevelopment
Agency
,
Community
Housing
of
North
County,
and
Bowron
Road
Group,
L.P
.. , to
a new
low-income
housing
tax
credit
partnership
controlled
by
Community
Hous
ingWorks.
yet
to
be
formed,
(ii)
an
amendment
to
the
Ground
Lease
to
extend
the
initial
term
thereof
for
a
new
55-year
term,
and
(iii)
an
amendment
to
the
Regulatory
Agreement
to
reaffirm
the
term
thereof
as
in
perpetuity.

Discussion: Community
HousingWorks
("CHW")
is
a
nationally
recognized
501(c)(3)
nonprofit
organization
that
was
founded
and
has
been
headquartered
in
San
Diego
County
since
1988
. CHW
develops
and
owns
affordable
apartment
communities
with
resident-centered
services
for
working
families,
older
adults,
and
people
with
disabi
lities
to
forge
stronger
futures.

CHW
has
successfully
developed
new
and
renovated
existing
multi-family,
affordable
rental
apartments
in
urban,
suburban
and
rura
l communities
in
California
and
Texas
. With
4,289
rental
apartments
operating
in
47 communities
statewide
as
of
October
2023.
and
with
approxima
tely
428
apartments
currently
in
construction
and
another
306
apartments
in
predeveloprnent,
CHW
proudly
serves
more
than
11,000
child
ren
and adu
lts
each
year.
2of
10 6
of
22 December
5,
2023,
Item
#14
December 22, 2025, Item #2
For
three
of
CHW's
affordable
communities
in
Poway
(Haley
Ranch
Estates
, Hillside
Village,
and
Parkv
iew
Terrace),
there
is
an
opportunity
to
re-apply
for
new
reservations
of
low-
inco
me
housing
tax
credits
and
an
allocation
of
tax-exempt
bonds.

If
suc
cessfu
f, it
would
extend
income
affordability
and
enhance
resident
quality
of
life
through
rehabilitation
and
repair
of
housing
units.
community
buildings,
and
infrastructure.

This
action
authorizes
the
submission
of applications,
and,
if successful
in
being
awarded
tax
credits
and
tax-exempt
bonds,
Recommended
Actions
numbers
four
through
eight
will be
authorized.

Each
rehabilitation
project
will
have
three
primary
goals:
(1)
extend
the
product
ive
life
of
the
existing
building
beyond
the
new
55-ye,;1r
affordabilicy
period
and
upgrade
to
current
Americans
with
Disabilities
.A.ct
standards;
(2
) reduce
operating
expenses
for
the
property
an
d
residents
with
energy
and
water
efficient
materials
and
renewable
energy;
and
(3)
improve
resident
comfort
and
building
functionality.

The
scope
of
th
e rehabilitation
prioritizes
health
and
safety
and
replacement
of
systems
in
need
of
repair
.

Due
to
the
nature
of
the
proposed
rehab
ilitations,
if
approved
, CHW
will
contract
with
Laurin
Associates
to
prepare
a
Temporary
Relocation
Plan
in
compliance
with
Federal
and
State
Relocation
laws
and
regulat
ions
to
address
the
residents
of
the
communicy
who
may
be
temporarily
relocated
offsite
during
the
rehabilitation
and
enhancement
of
the
community.

There
will
no
t be
any
impact
to
afford,;1bility
leve(s
or
rent
increases
due
to
the
rehabil
itati
on.

With
an
award
of
new
low-income
housing
tax
credits,
CHW
anticipate
s
re
inves
ting
at lea
st
$60,000
per
housing
unit
in
repairs
and
upgrades
.

On-site
property
management
services
will
contin
ue
to
be
provided
by
ConAm
Management
Corporation,
and
resident
services
will
continue
to
be
provided
by
CHW
with
additional
tl1ird-party
partnerships
.

Haley
Ranch
Estates
Haley
Ranch
Estates,
located
at
13455
Poway
Creek
Rd.
is
a
community
that
opened
in
1992.

The
community
contains
65 single-family
homes;
all
of
the
homes
in
Haley
Ranch
Estates
have
three
bedrooms,
two
full
baths,
and
two-car
garages,
with
the
exception
of
two
homes,
the
garages
are
attached.

Haley
Ranch
Estates
includes
64 homes
restricted
at
50%
Area
Median
lncon,e
(AMI),
and
one
unit
set-a•side
for
staff.

The
homes
range
from
1,129
to
1,23
2 square
feet
of
living
space,
plus
the
400
square
foot
garage
area.

The
comm
un
ity
features
a
community
center.
pool,
playground,
and
barbeque
area,
and
is
close
to
public
transporta
tion
.

The
proposed
rehabilitation
at
Haley
Ranch
Estates
will
address
the
defer
re
d maintenance
throughout
the
community.

The
interior
finishes
and
cabine
ts
will
be
replaced
and
the
water
intrusion
issues
will
be
mitigated
by
foundat
ion
repairs.

In
addition,
many
updates
and
repairs
to
the
common
areas
are
requ
ired
and
the
parking
lots
will
be
repaved
.

Hillside
Village
Hillside
Village
, located
at
12979
Community
Rd
.. was
first
constructed
in
2003
and
is
comprised
of
15 two-story
re
side
ntial
buildings,
a
community
building,
an
onsite
daycare
facility,
and
on-premises
parking.

There
are
71 town
home-style
apartments
ranging
from
11 one-bedroom
units
with
a
bat
hroom,
19 two-bedroom
unit
s with
a
bathroom,
35 three-bedroom
units
with
rwo
full
bathrooms,
and
6 units
with
four-bedrooms
and
two
ba
throoms
. Hillside
Village
has
25 homes
at
35 %
AMI,
45 homes
at
50%
AMI,
and
one
unit
set-a-side
for
staff.

Residents
of
the
community
have
access
to
parking.
a
community
center,
laundry
faci
lity,
computer
lab,
playground
,
bas
ketb
all
court,
and
3 of10
7 of
22 December
5,
2023,
Item
#14
December 22, 2025, Item #2
barbeque
area,
and
is
close
to
public
transportation
.

The
proposed
rehab
ilitation
at Hillside
Village
wi
ll include
the
mitigation
of
water
dra
inage
issues,
repairs
and
repaving
of
the
parking
lot,
and
replacement
of
sections
of
concrete
in
tl1e
walkways
. In
addition,
the
copper
plumb
ing
pipes
will
be
replaced
and
seismic
shut
off
valves
will
be
installed
for
all
gas
meters.

Lastly
, the
exteriors
will
be
treated
for
termites
and
painted
, and
the
interiors
will
have
walls
repaired,
painted,
and
new
flooring
installed
.

Parkview
Terrace
Lastly,
Parkview
Terrace,
located
at
13250
Civic
Center
Dr.
was
constructed
in
1998.

The
community
is
comprised
of
18 two-story
residential
buildings,
a
community
building,
and
on
-premises
parking
.

There
are
92 total
units
with
1 ·1
one-bedroom
units
with
a
bathroom,
36 two-bedroom
units
with
a
bathroom
, 35
three-bedrooms
with
tvvo
and
one-half
bathrooms,
and
10 units
with
four
-bedrooms
and
two
bathrooms.

Parkview
Terrace
has
35 homes
restricted
at
35%
AM
I, 56
homes
restricted
at
50%
AMI,
and
one
unit
se
t-a-side
for
staff
. Residents
have
access
to
parking,
a
community
center,
laundry
facility,
computer
lab,
playground,
tennis
court,
and
barbeque
area,
and
is
located
within
walking
distance
of
bus
srops,
shopping
, restaurants
, a
medical
clinic,
and
entertainment
near
Community
Park,
Poway
Branch
Library,
and
the
civic
center.

The
proposed
re
habilitation
at
Parkview
Terrace
consists
of
common
area
updates,
inc
luding
new
landscaping,
repair
of
stairv-Jays
,
accessible
handrails,
replacement
of
the
security
system
and
replacement
of
sect
ions
of
sidewalk.

The
units
will
have
new
energy-efficien
t windows,
new
flooring,
repairs
to
the
walls,
doors
, and
new
appliances
.

Environmental
Review:

This
action
is
not
subject
to
review
under
the
California
Environmental
Quality
Ac
t (CEQA).

Fiscal
Impact:

There
is
no
fiscal
impact
o'lSsociated
with
approval
of
this
item.

If approved.
each
existing
Ground
Lease
will
be
amended
fo
r
a
new
55 -year
term,
including
the
respective
annual
payment
obligations
thereunder.

Similarly
, the
Hillside
Village
Loan
Agreement
will
be
amended
for
a
new
55-year
term,
with
the
Authority
cont
inuing
to
remain
in
second
position
in
the
cashflow
waterfall
and
loan
subordinations,
payable
through
50%
of
residual
receipts,
as
required
by
the
Deed
ofTrust.

Public
Notification:

None. Attachments; A
Resolution
B.

Location
Maps
Reviewed/Approved
By:
!~s~ Assis
tant
City
Manager
4 of
10 8
of22
Reviewed
By:

Alan
Fenstermacher
City
Attorney
A:;I Chrfs
H~B=
'""'n""'e~-
-
City
Manager
December
5,
2023,
Item
#14
December 22, 2025, Item #2
RESOLUTION NO. H-23-01

A RESOLUTION OF THE POWAY HOUSING AUTHORITY

APPROVING THE SUBMISSION OF APPLICATIONS FOR THE

RESYNDICATION OF LOW-INCOME HOUSING TAX CREDITS

AND TAX-EXEMPT BONDS FOR HALEY RANCH ESTATES,

HILLSIDE VILLAGE, AND PARKVIEW TERRACE AFFORDABLE

HOUSING COMMUNITIES
WHEREAS, the Poway Housing Authority ("Authority") is a public body, corporate and politic, organized and existing under the Housing Authorities Law (Health & Safety Code § 34200 et seq.);
WHEREAS, a fundamental purpose of the Housing Authorities Law is to expand the supply of low-and moderate-income housing (Health & Safety Code, § 33071 ); WHEREAS, Community HousingWorks, a nonprofit affordable housing developer, is the owner, through its affiliates, of three affordable housing communities in the City of Poway: Haley Ranch Estates, Hillside Village, and Parkview Terrace (collectively, the "Communities"); WHEREAS, the Authority provided a portion of the funding for the construction of the Communities;
WHEREAS, Community HousingWorks has requested the Authority to support its reinvestment in the Communities by obtaining a new reservation of low-income housing tax credits and a new allocation of tax-exempt bonds to fund a portion of the rehabilitation of the Communities to enhance the viability of the Communities and quality of life for the residents; WHEREAS, Community HousingWorks has further requested the Authority's consideration for assigning, modifying, and extending the Authority's existing financial support and Regulatory Agreements as described in the staff report; and WHEREAS, the Authority has the power and authority to approve the transactions described below and no further action by the Poway Housing Authority Board shall be necessary to implement the transactions contemplated herein.

NOW, THEREFORE, BE IT RESOLVED that the Poway Housing Authority is making the following findings in authorizing the submission. of applications of low-income housing tax credits and tax-exempt bonds on behalf of the Communities, as follows:

SECTION 1: Community HousingWorks is authorized to submit applications to apply for a new reservation of low-income housing tax credits and a new allocation of tax-exempt bonds to the California Tax Credit Allocation Committee and California Debt Limit Allocation Committee for the affordable communities of Haley Ranch Estates, Hillside Village, and Parkview Terrace.

SECTION 2: The Executive Director is authorized to execute all necessary documents relating to the application and implementation of low-income housing tax credit resyndication for the affordable communities of Haley Ranch Estates, Hillside Village, and Parkview Terrace.

SECTION 3: The Executive Director is authorized to execute all necessary documents relating to the support of Community HousingWorks ' applications for tax-exempt bond and low- 9 of 22
December 22, 2025, Item #2
Resolution No. H-23-01

Page 2 ends

income housing tax credits for the communities of Haley Ranch Estates, Hillside Village, and Parkview Terrace, including, providing any needed commitment letters consistent with this resolution, review and approval of temporary relocation plans for community residents, and California Tax Credit Allocation Committee local reviewing agency packages.

SECTION 4: The Executive Director is authorized to (i) transfer and assign the Ground Lease and Regulatory Agreement dated September 26, 2000 by and between the Poway Housing Authority, as housing successor to the former Poway Redevelopment Agency, and Haley Ranch Estates Housing Associates, L.P., to a new low-income housing tax credit partnership controlled by Community HousingWorks, yet to be formed, (ii) amend the Ground Lease to extend the initial term thereof for a new 55-year term, and (iii) amend the Regulatory Agreement to reaffirm the term thereof as in perpetuity.

SECTION 5: The Executive Director is authorized to (i) transfer and assign the Ground Lease for Hillside Village, dated June 8, 2001, by and between the Poway Housing Authority, as housing successor to the former Poway Redevelopment Agency, and Community Housing of North County, to a new low-income housing tax credit partnership controlled by Community HousingWorks, yet to be formed, and (ii) ament the Ground to extend the initial term thereof for a new 55-year term.

SECTION 6: The Executive Director is authorized to (i) transfer and assign the Regulatory Agreement for Hillside Village, dated February 5, 2002, by and between the Poway Housing Authority, as housing successor to the former Poway Redevelopment Agency, Breihan Housing Associates, L.P., and Community Housing of North County, to a new low-income housing tax credit partnership, yet to be formed, and (ii) amend the Regulatory Agreement to reaffirm the term thereof as in perpetuity.

SECTION 7: The Executive Director is authorized to (i) transfer and assign the Loan Agreement for Hillside Village by and between the Poway Housing Authority, as housing successor to the former Poway Redevelopment Agency, and Breihan Housing Associates, L.P., to a new low-income housing tax credit partnership, yet to be formed, and, (ii) amend the Loan Agreement and Promissory Note to restate the loan amount thereunder to include the full principal amount of the Loan and all accrued interest through the date offinance closing, modify the interest rate on the Loan to the Applicable Federal Rate compounding in effect as of the date of finance closing, and extend the term of the Loan for a new 55-year term.

SECTION 8: The Executive Director is authorized to (i) transfer and assign the Ground Lease and Regulatory Agreement for Parkview Terrace, dated August 29, 1997 by and between the Poway Housing Authority, as housing successor to the former Poway Redevelopment Agency, Community Housing of North County, and Bowron Road Group, L.P., to a new low income housing tax credit partnership controlled by Community HousingWorks, yet to be formed, and (ii) amend the Ground Lease to extend the initial term thereof for a new 55-year term, and (iii) amend the Regulatory Agreement to reaffirm the term thereof as in perpetuity. 10 of 22
II
II
II
II
December 22, 2025, Item #2
Resolution
No.

H-23-01 Page
3 PASSED,

APPROVED
AND

ADOPTED
by
the
Poway
Housing
Authority
of
the
City
of
Poway,
California
, at
a
regular
meeting
this
5th
day
of
December,
2023
by
the
following
vote,
to
wit:

AYES: NOES
:

ABSTAINED: ABSENT: DISQUALIFIED
:

ATTEST
:
11 of
22 EDMONDSON,
PEPIN,
FRANK,
VAUS

NONE NONE DE
HOFF
NONE
c:=:::>..S:
-------
-··-
-steve
Vaus,
Authority
Chair
Poway
Housing
Authority
December 22, 2025, Item #2
8 of
10 12
of
22 Ha
tey
Ranch
Estates

ATTACHMENT
B
December
5,
2023,
Item
#14
December 22, 2025, Item #2
9 of
10 13
of
22 Hillside
Village
Apartments
December
5,
2023,
Item
#14
December 22, 2025, Item #2
Parkview Terrace Apartments
10 of 10
December 5, 2023, Item #14
14 of 22
December 22, 2025, Item #2
From: To: Cc: Subject: Date: Attachments: Importance:

Jonathan
Lee
Darian
Demeriian
: Julie
Procopio
: Dan
i Costa
KC
Tolentino
: Jeanne
Blake
: Kevin
Leichner
Re
: Request
for
Check
In
-Community
HousingWorks
Wednesday,
November
26,
2025
1:24
:52
PM
imaaeoo1.ona outlook
-tcyhaekm
.pna
High
-. T
R
EMAJL
Hello
Darian,
Thank
you
again
for
taking
our
call
this
morning.

As
discussed,
we
finally
have
an
opportunity
to
move
forward
with
the
rehabilitation
of
Park
View
Terrace,
Haley
Ranch
Estate,
and
Hillside
Village-something
we
have
been
working
toward
for
several
years,
as
the
City
is
aware.

We
learned
yesterday
that
all
three
projects
are
now
included
on
CDLAC's
final
recommendation
list for
the
December
10th
Committee
meeting-an
unexpected
holiday
surprise. There
is,
however, a
significant
timing
complication
. To
preserve
the
DOA
status
(and
the
associated
30%
basis
boost),
we
must
issue
bonds
by
December
12th,
2025.

This
deadline
is
federal
and
statutory,
and
it cannot
be
extended.

If
we
fail
to
issue
by
that
date,
the
projects
will
lose
the
boost-amounting
to
$5,275,000
in
lost
basis:
approximately
$2.5
million
for
Park
View
Terrace
and
$3.275
million
for
Haley
and
Hillside
combined
.

CHW
is
actively
working
with
multiple
lenders
to
keep
the
projects
on
track,
and
to
preserve
the
DOA
boost,
we
will
need
the
City
of
Poway's
assistance
in
completing
the
required
TEFRA process.

This
includes
a
public
hearing
with
a
7-day
noticing
period
and
a
City
Council
approval
of
the
TEFRA.

The
hearing
can
occur
at
the
same
time
as
the
Council
action
or
can
be
held
telephonically
in
advance
by
the
bond
issuer
(CMFA)-whichever
is
easiest
for
the
City.

To
meet
the
statutory
deadline,
we
would
greatly
appreciate
the
City's
help
in
scheduling
a
special
Council
meeting
for
the
TEFRA
approval.

In
addition,
we
will
need
City
subordinations
prior
to
closing.

Counsel
for
our
lender
has
confirmed
she
can
begin
with
the
subordination
form
previously
agreed
to
by
the
City
of
Poway.

We
sincerely
appreciate
the
City's
ongoing
partnership
on
these
projects
and
are
happy
to
join
another
call-at
any
time-to
walk
through
this
urgent
request
with
you
or
others
on
your
team.

Thank
you,
Jonathan
Lee
Senior
Project
Manager
~· .::
··:----
..
; ..
•
•
•• CH
.W
15 of
22 Community HousingWorks

ATTACHMENT
B
December 22, 2025, Item #2
BERK
ELE
Y
To: From: Date: Subject:

LOS
ANGE
LES
KEYSER

MARSTON
ASSOC
I
ATES

MEMORANDUM
Darian
Demerjian,
Senior
Management
Analyst
City
of
Poway
KEYSER

MARSTON

ASSOCIATES,
INC.

December
18,
2025
SAN
DIE
GO
Financial
Feasibility
Review
-
Proposed
Lease
Extensions
Community
HousingWorks
{CHW)
Projects
I.

INTRODUCTION
SAN
RAFAEL
In
accordance
with
your
request,
Keyser
Marston
Associates,
Inc.
(KMA)
has
reviewed
the
proposals
from
Community
HousingWorks
(Developer)
to
extend
the
Poway
Housing
Authority
(Authority)
ground
leases
for
three
existing
affordable
housing
developments
within
the
City.

As
background,
the
Authority
previously
entered
into
ground
leases
with
Developer
affiliates
for
three
affordable
housing
developments:
the
65-unit
Haley
Ranch,
the
71-unit
Hillside
Village,
and
the
92-unit
Park
View
Terrace.

Under
the
Developer
proposal,
Haley
Ranch
and
Hillside
Village
will
be
combined
into
a single,
scattered
site
development.

Following
Authority
approval
in
December
2023,
the
Developer
submitted
applications
for
resyndication
of
Low
Income
Housing
Tax
Credits
and
tax-exempt
bonds
for
the
two
projects
(Projects)
. The
Developer
recently
received
notification
of
awards
for
both
Projects
and
is
targeting
issuance
of
tax-exempt
bonds
later
this
month.

In
order
to
move
forward
with
the
Projects,
the
Developer
requires
Authority
approval
of
new
55-year
ground
lease
extensions
and
recasting
of
the
Authority's
existing
subordinate
debt
on
Hillside
Village
for
a
new
55-year
term.
.
.
555
W
EST
BEECH
STREET
, SU
ITE
460
•
SAN
DIEGO,
CA
92101
•
(619)
718-9500
•
WWW
.K
EYS

ERMARSTO
N.

COM
16 of
22 ATTACHMENT
C
25080kal
17721
.051.01
2 December 22, 2025, Item #2
To:

Darian
Demerjian,
City
of
Poway
Subject:

Financial
Feasibility
Review
-
Proposed
Lease
Extensions
II.

METHOD
OF

EVALUATION
December
18,
2025 Page
2 KMA
prepared
financial
feasibility
analyses
of
both
development
proposals
consisting
of
the
following
key
work
tasks:
•
Reviewed
background
information
such
as
recent
Financial
Statements
and
property
appraisals
for
the
Projects
•
Reviewed
the
Developer's
development
proposals
and
financial
proformas
for
consistency
with
the
ground
leases,
existing
affordability
covenants,
and
proposed
funding
sources
•
Followed
up
with
Authority
staff
and
the
Developer
to
clarify
specific
inputs
and
assumptions
in
their
proformas
•
Prepared
financial
models
for
the
two
Projects,
including
acquisition
costs,
development
costs,
operating
income
and
expenses,
achievable
funding
sources,
and
55-year
cash
flow
projections
•
Evaluated
key
inputs
and
assumptions
in
the
Developer
financial
proformas
relative
to
industry
standards
and
recent
comparable
project
experience
•
Determined
the
financial
feasibility
of
each
development
proposal
after
consideration
of
the
proposed
financing
plans
Ill.

KEY

FINDINGS
The
Developer
has
developed
financing
plans
for
the
two
Projects
that
enable
them
to
proceed
with
substantial
rehabilitation
and
imposition
of
new
long-term
affordability
covenants.

The
Developer
has
already
assembled
the
necessary
funding
sources,
including:
(1)
awards
of
Low
Income
Housing
Tax
Credits
and
tax-exempt
bonds;
(2)
construction
and
permanent
loan
commitments;
(3)
deferrals
of
developer
overhead
fee;
and
(4)
San
Diego
Community
Foundation
approval
of
recasting
their
subordinate
loan
(outstanding
principal
and
interest)
on
Park
View
Terrace.

To
complete
the
transaction,
the
Developer
requires
new
terms
for
the
Authority
ground
leases,
the
Authority's
Regulatory
Agreement,
and
the
Authority's
subordinate
loan
on
Hillside
Village.

These
approvals
will
enable
the
Developer
to
proceed
with
17 of
22 25080kal
17721.051.012
December 22, 2025, Item #2
To: Subject:

Darian
Demerjian,
City
of
Poway
Financial
Feasibility
Review
-
Proposed
Lease
Extensions
December
18,
2025 Page
3 the rehabilitation
Projects
without
requiring
any
further
gap
financing
from
the
Authority
or
any
other
public
agency.

KMA
has
extensively
reviewed
the
Developer
proformas,
proposed
funding
sources,
and
long

term
cash
flow
projections
. Based
on
this
review,
and
our
experience
with
recent
comparable
developments
in
the
San
Diego
region,
KMA
finds
these
estimates
and
projections
to
be
reasonable
and
economically
sustainable.

Moreover,
the
Developer
is
not
requesting
any
new
financial
contribution
from
the
Authority
and
will
continue
to
own
and
operate
the
Projects
as
affordable
rental
housing
for
55 years.

In
sum,
the
Developer's
proposed
financing
plans
for
the
Projects are
consistent
with
typical
affordable
housing
rehabilitation
transactions
throughout
California
.

IV.

LIMITING

CONDITIONS

1. The
analysis
contained
in
this
document
is
based,
in
part,
on
data
from
secondary
sources
such
as
state
and
local
government,
planning
agencies,
real
estate
brokers,
and
other
third
parties.

While
KMA
believes
that
these
sources
are
reliable,
we
cannot
guarantee
their
accuracy.

2. The
analysis
assumes
that
neither
the
local
nor
national
economy
will
experience
a
recession.

If
an
unforeseen
change
occurs
in
the
economy,
the
conclusions
contained
herein
may
no
longer
be
valid
.

3. The
development
concept
will
not
vary
significantly
from
that
identified
in
this
analysis
.

4. Any
estimates
of
development
costs
, capitalization
rates,
income
and/or
expense
projections
are
based
on
the
best
available
project-specific
data
as
well
as
the
experiences
of
similar
projects.

They
are
not
intended
to
be
projections
of
the
future
for
the
specific
project
. No
warranty
or
representation
is
made
that
any
of
the
estimates
or
projections
will
actually
materialize.

5. KMA
is
not
advising
or
recommend
ing
any
action
be
taken
by
the
City
or
Authority
with
respect
to
any
prospective,
new,
or
existing
municipal
financial
products
or
issuance
of
municipal
securities
(including
with
respect
to
the
structure,
timing,
terms,
and
other
similar
matters
concerning
such
financial
products
or
issues).
18 of
22 25080kal
17721.051.01
2 December 22, 2025, Item #2
To: Subject:

Darian
Demerjian,
City
of
Poway
Financial
Feasibility
Review
-
Proposed
Lease
Extensions
December
18,
2025 Page
4 6.

KMA
is
not
acting
as
a
Municipal
Advisor
to
the
City
or
Authority
and
does
not
assume
any
fiduciary
duty
hereunder,
including,
without
limitation,
a fiduciary
duty
to
the
City
or
Authority
pursuant
to
Section
15B
of
the
Exchange
Act
with
respect
to
the
services
provided
hereunder
and
any
information
and
material
contained
in
KMA's
work
product.

7. The
City
or
Authority
shall
discuss
any
such
information
and
material
contained
in
KMA's
work
product
with
any
and
all
internal
and/or
external
advisors
and
experts,
including
its
own
Municipal
Advisors,
that
it
deems
appropriate
before
acting
on
the
information
and
material.
19 of
22 25080kal
17721.051
.012
December 22, 2025, Item #2
as
follows:

Certificate
of
the
Mayor
California
Municipal
Finance
Authority
Multifamily
Housing
Revenue
Bonds
(Haley
Ranch
Estates
and
Hillside
Village)
The
undersigned
, Steve
Vaus
, Mayor
of
the
City
of
Poway
(the
"City
"),
hereby
certifies

1. I have
been
duly
elected
at-large
by
the
electorate
of
the
City
to
the
office
of
Mayor
,
and
I am
currently
incumbent
in
said
office.

2. The
California
Municipal
Finance
Authority
("Authority
"),
has
proposed
a plan
of
financing
to
issue
one
or
more
series
of
its
tax-exempt
revenue
bonds
in
an
aggregate
principal
amount
not
to
exceed
$28,000,000
(the
"Bonds")
to
finance
the
acquisition
and
rehabilitation
of
a 65-unit
qualified
residential
rental
project
for
low-income
households
known
as
Haley
Ranch
Estates
and
a 71-unit
qualified
residential
rental
project
for
low-income households
known
as
Hillside
Village
( collectively,
the
"Project"),
which
combined
Project
is
to
be
owned
and
operated
by
Haley
Hillside
Housing
Associates,
LP,
a California
limited
partnership
(the
"Borrower"),
and
is
located
in
the
City
at
the
following
addresses
:

All
of
Haley
Ranch
Estates,
including
but
not
limited
to
13033
Linnie
Lane;
13043
Linnie
Lane;
13053
Linnie
Lane;
13062
Linnie
Lane;
13063
Linnie
Lane;
13073
Linnie
Lane;
13078
Linnie
Lane
; 13083
Linnie
Lane;
13088
Linnie
Lane;
13093
Linnie
Lane;
13002
Creek
Vista
Drive;
13007
Creek
Vista
Drive;
13012
Creek
Vista
Drive;
13017
Creek
Vista
Drive;
13022
Creek
Vista
Drive;
13402
Poway
Creek
Road;
13408
Poway
Creek
Road;
13418
Poway
Creek
Road;
13428
Poway
Creek
Road;
13438
Poway
Creek
Road;
13448
Poway
Creek
Road;
13458
Poway
Creek
Road;
13468
Poway
Creek
Road;
13478
Poway
Creek
Road
; 13483
Poway
Creek
Road;
13491
Poway
Creek
Road;
13501
Poway
Creek
Road;
13502
Poway
Creek
Road;
13515
Poway
Creek
Road
; 13516
Poway
Creek
Road;
13529
Poway
Creek
Road
; 13530
Poway
Creek
Road
;
13541
Poway
Creek
Road;
13544
Poway
Creek
Road;
13553
Poway
Creek
Road;
13558
Poway
Creek
Road;
13565
Poway
Creek
Road
; 13572
Poway
Creek
Road;
13586
Poway
Creek
Road;
13431
Robley
Ranch
Road;
13433
Robley
Ranch
Road;
13441
Robley
Ranch
Road;
13449
Robley
Ranch
Road;
13457
Robley
Ranch
Road;
13465
Robley
Ranch
Road;
13473
Robley
Ranch
Road;
13476
Robley
Ranch
Road;
13481
Robley
Ranch
Road;
13486
Robley
Ranch
Road;
13489
Robley
Ranch
Road
; 13496
Robley
Ranch
Road;
13497
Robley
Ranch
Road;
13505
Robley
Ranch
Road;
13506
Robley
Ranch
Road;
13517
Robley
Ranch
Road;
13522
Robley
Ranch
Road
; 13533
Robley
Ranch
Road;
13538
Robley
Ranch
Road;
13547
Robley
Ranch
Road
; 13552
Robley
Ranch
Road;
13563
Robley
Ranch
Road
; 13568
Robley
Ranch
Road;
13586
Robley
Ranch
Road;
13591
Robley
Ranch
Road;
and
13579
Robley
Ranch
Road
;
and All
of
Hillside
Village,
including
but
not
limited
to
12979
Community
Road.

3. The
Authority
caused
to
be
published
on
December
4,
2025
, in
the
San
Diego
Union-Tribune
, a
newspaper
of
general
circulation
in
the
City,
a
notice
of
a public
hearing
concerning
the
Authority's
proposed
plan
of
financing
to
issue
the
Bonds
for
the
Project,
all
in
accordance
with
the
requirements
of
Section
147(t)
of
the
Internal
Revenue
Code
of
1986.

4. On
December
11,
2025
, the
Authority
held
a duly
noticed
public
hearing
pursuant
to
Section
147(f)
of
the
Code
at
which
hearing
interested
persons
were
given
an
opportunity
to
express
their
views
for
or
against
the
issuance
of
the
Bonds
and
on
the
nature
and
location
of
the
Project.
20 of
22 ATTACHMENT
D
December 22, 2025, Item #2

5. I have
been
provided
with
a summary
of
the
hearing
and
information
concerning
the
Project and
the
Bonds
.

6. I have
been
informed
that
the
Authority's
plan
of
financing
to
issue
the
Bonds
for
the
Project
is
required
to
be
approved
by
an
applicable
elected
representative
of
the
City
pursuant
to
Section
147(t)
of
the
Internal
Revenue
Code
of
I 986
(the
"Code").

Accordingly,
on
behalf
of
the
City,
I hereby
approve
the
Authority's
plan
of
financing
to
issue
the
Bonds
for
the
Project
in
an
aggregate
principal
amount
not
to
exceed
the
amount set
forth
in
paragraph
2,
above
.

7. This
action
is
taken
expressly
for
purposes
of
Section
147(t)
of
the
Code
, and
nothing
contained
herein
shall
imply
that
the
Project
complies
with
the
planning
, zoning,
subdivision
and
building
laws
and
ordinances
applicable
thereto
or
to
suggest
that
the
Cit
y
or
any
officer
or
agent
of
the
City
will
grant
any
such
approval
, consent
or
permit
that
may
be
required
in
connection
with
the
Project
,
or
that
the
City
will
make
any
expenditures,
incur
any
indebtedness
or
provide
any
of
the
financing
for
the
Project.

The
City
shall
have
no
obligation
whatsoever
with
respect to
the
repayment
of
the
Bonds,
the
acquisition,
rehabilitation
or
operation
of
the
Project,
by
reason
of
this
certificate.

Executed
this
22nd
day
of
December,
2025
.

STEVEVAUS Mayor
of
the
City
of
Poway
21 of
22 December 22, 2025, Item #2
as
follows:

Certificate
of
the
Mayor
California
Municipal
Finance
Authority
Multifamily
Housing Revenue
Bonds
(Park
View
Terrace)
The
undersigned
, Steve
Vaus
, Mayor
of
the
City
of
Poway
(the
·'City
"),
hereby
certifies

1. I have
been
duly
elected
at-large
by
the
electorate
of
the
City
to
the
office
of
Mayor,
and
I am
currently
incumbent
in
said
office.

2. The
California
Municipal
Finance
Authority
("Authority"),
has
proposed
a plan
of
financing
to
issue
one
or
more
series
of
its
tax-exempt
revenue
bonds
in
an
aggregate
principal
amount
not to
exceed
$20,000,000
(the
"Bonds")
to
finance
the
acquisition
and
rehabilitation
of
a 92-unit
qualified
residential
rental
project
for
low-income
households
known
as
Park
View
Terrace
(the
"Project"),
which
Project
is
to
be
owned
and
operated
by
Park
View
Terrace
Housing
Associates,
LP,
a California
limited
partnership
(the
"Borrower"),
and
is
located
in
the
City
at
13250
Civic
Center
Drive
.

4. On
December
11,
2025,
the
Authority
held
a duly
noticed
public
hearing
pursuant
to
Section
147(f)
of
the
Code
at
which
hearing
interested
persons
were
given
an
opportunity
to
express
their
views
for
or
against
the
issuance
of
the
Bonds
and
on
the
nature
and
location
of
the
Project.

5. I have
been
provided
with
a summary
of
the
hearing
and
information
concerning
the
Project and
the
Bonds.

Accordingly,
on
behalf
of
the
City,
I hereby
approve
the
Authority
's plan
of
financing
to
issue
the
Bonds
for
the
Project
in
an
aggregate
principal
amount
not to
exceed
the
amount set
forth
in
paragraph
2,
above.

7. This
action
is
taken
expressly
for
purposes
of
Section
147(t)
of
the
Code
, and
nothing
contained
herein
shall
imply
that
the
Project
complies
with
the
planning
, zoning,
subdivision
and
building
laws
and
ordinances
applicable
thereto
or
to
suggest
that
the
City
or
any
officer
or
agent
of
the
City
will
grant
any
such
approval
, consent
or
permit
that
may
be
required
in
connection
with
the
Project
,
or
that
the
City
will
make
any
expenditures,
incur
any
indebtedness
or
provide
any
of
the
financing
for
the
Project.

The
City
shall
have
no
obligation
whatsoever
with
respect
to
the
repayment
of
the
Bonds,
the
acquisition,
rehabilitation
or
operation
of
the
Project,
by
reason
of
this
certificate.

Executed
this
22nd
day
of
December,
2025.

STEVEVAUS Mayor
of
the
City
of
Poway
22 of
22 ATTACHMENT
E

Poway City CouncilDecember 22, 2025

Poway City Council
December 22, 2025