City Council and Authorities Concurrent
May 5, 2026

May 5, 2026 Item #5
1 Item #5 RTC 26-422TEFRA Public Hearing 3550 El Camino Real (Clara Gardens)Adam MarcusHousing & Community Services ManagerCommunity Development DepartmentCity of Santa ClaraCity Council May 5, 2026 •Developer: RCD/Clara Gardens L.P.•Replaces temporary interim housing site•Project: 120 total units–64 Extremely low-income •(30 are Permanent Supportive Housing)–55 Very low-income–1 Manager's unit•Building Permit has been issued3550 El Camino Real TEFRA HearingBackground2 1 2
May 5, 2026 Item #5
2 •Developer applied 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•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 project3550 El Camino Real TEFRA HearingBackground3 1) Conduct the Tax Equity and Fiscal Responsibility Act (“TEFRA” public hearing; and 2) Adopt the resolution in substantially the form presented approving the issuance of not to exceed $50 million in bonds by the CMFA for the benefit of Clara Gardens LP, as the borrower, to provide for the financing of the affordable housing project at 3550 El Camino Real to satisfy TEFRA requirements.3550 El Camino Real TEFRA HearingRecommendation3 4