March 25, 2025
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City of Santa Clara
City Counc i
March 25, 2025
Item #8: 25-258
TEFRA Public Hearing
3941 Stevens Creek Blvd.
(The Meridian)
Afshan Hamid, Director
Community Development Department
3941 Stevens Creek Blvd. TEFRA Hearing
Background
• Developer: CRP Affordable Housing and
Community Development LLC
• Project: 59-units of low-income housing
• Developer applied to State for up to $50M in tax
exempt revenue bonds to finance the project
• Under the state Tax Equity and Fiscal
Responsibility Act (TEFRA), a public hearing is
required prior to issuing tax exempt bonds
• Construction completed in 2024
• The project already has tax-exempt financing for
construction.
POST MEETING MATERIA
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Item #8
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3941 Stevens Creek Blvd. TEFRA Hearing
Background
• Due to a minor increase in the permanent bond amount, a bond reissue is needed and a second TEFRA hearing is required. • Hosting this hearing does not make the City responsible for this project financially or otherwise
• Conducting the TEFRA hearing is a procedural action the City is required to take that will allow implementation of the project 3941 Stevens Creek Blvd. TEFRA Hearing
Recommendation
Hold a Tax Equity and Fiscal Responsibility Act public hearing for the issuance of up to $50,000,000 in tax-exempt private-activity bonds by the California Municipal Finance Authority (CMFA) for the benefit of CRP Affordable Housing and Community Development LLC and adopt the resolution approving the bonds.
Item #8
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