April 5, 2022
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City Council
Meeting
Item #7 (22-402)
TEFRA Hearing for 80-Unit
Rental Housing Project for Low-
Income Households Located at
3333 Kifer Road
April 5, 2022
Background
Construction of 80 Affordable Units at 3333 Kifer Road
• On April2oth, 2021, City Council approved a Loan Agreement with Allied Housing, Inc. for a Loan of up to $4,000,000 to Support the Construction of 8o Affordable Housing Units at 3333 fifer Road • The project, Kifer Senior Housing, will contain 8o senior affordable housing units with incomes at or below 60% of (AMI). 50% of these units will be set aside for formerly chronically homeless senior (55+) residents with incomes at or below 30% of AMI (supportive housing) • In December 2021, the project was awarded its tom-exempt bond allocation and tax credits from the State
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Item #7
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April 5, 2022
Action
Tax Equity and Fiscal Responsibility Act or TEFRA
Allied Housing requested that CMFA be the issuer of tax-exempt bonds in an amount not to exceed $35,000,000 to finance the acquisition and construction of an 8o-unit rental housing facility for low-income households, located at 3333 fifer Road
• TEFRA requires that a public hearing be held by the governing body of the jurisdiction where a project to be financed with tax-exempt financing is located, and that the governing body approve the proposed Financing The debt to be issued by the CMFA will be the sole responsibility of the Borrower and the City of Santa Clara will have no financial or legal obligations or responsibilities with regard to the repayment of the debt Action
Recommendation
Hold a T~ Equity and Fiscal Responsibility Act public hearing and adopt a resolution approving the issuance of up to $35,000,000 in t~- exemptprivate-activity bonds by California Municipal Finance Authority (CMFA) for the benefit of an 8o-unit Multifamily Rental Housing Project for Low-income Senior Households to be Located in the City of Santa Clara, California at 3333 fifer Road.
4 Item #7
2 April 5, 2022
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'" City Council
Meeting
M~ssioN `'~
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Item #7 (22-402)
TEFRA Hearing for 80-Unit
Rental Housing Project for Low-
Income Households Located at
3333 Kifer Road
April 5, 2022
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Item #7
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