Tierra Apartments TEFRA Hearing
June 9, 2026
Item 12-C
June 9, 2026
Item 12-C
June 9, 2026
2 Development Overview
• Proposed 82-unit affordable senior housing development • Including 40 residences for permanent supportive housing for seniors • Locations: 1402 Wilshire Blvd and 1211–1217 14th Street • Developer: Hollywood Community Housing Corporation
Upcoming Milestones
• June – July 2026: City Parking Lot Closed / Construction Begins • Spring 2028: Construction Completed / Lease-Up of New Residences Item 12-C
June 9, 2026
Item 12-C
June 9, 2026
3 Purpose of TEFRA Hearing
• Required under IRS and the Tax Equity and Fiscal Responsibility Act (TEFRA) for tax-exempt bonds
• Allows California Municipal Finance Authority (“CMFA”) to issue up to $28M in revenue bonds
• City approval is procedural
• No financial obligation or liability to the City
• Bonds are solely the responsibility of the Borrower
Item 12-C
June 9, 2026
Item 12-C
June 9, 2026
4 Recommended Actions
Staff recommends that the City Council:
1. Determine that the development of affordable housing at 1211-1217 Fourteenth Street was previously analyzed in the 6th Cycle Housing Element Environmental Impact Report (SCH# 2020100575), and the issuance of the TEFRA bond for this project has no possibility of significant effect pursuant to Section 15061(b)(3) (Common Sense Exemption) of the California Environmental Quality Act (CEQA) Guidelines.
2. Hold a public hearing under the requirements of the Tax and Equity Fiscal Responsibility Act (“TEFRA”) and the Internal Revenue Code of 1986, as amended; and
3. Adopt a resolution approving the issuance of bonds by the CMFA in an amount not- to-exceed $28,000,000 for the benefit of Tierra Apts, L.P. to finance and refinance the acquisition, construction, development, and equipping of an affordable multifamily rental housing development to be located at 1402 Wilshire Boulevard and 1211-1217 Fourteenth Street.
Item 12-C
June 9, 2026
Item 12-C
June 9, 2026