TEFRA PUBLIC HEARING
AVIARA APARTMENTS
1385 WEST COLLEGE AVENUE
City Council Meeting
April 26, 2022
Angela Morgan
Program Specialist II
Housing and Community Services
1 TEFRA PUBLIC HEARING
Jurisdictions are required to hold a public
hearing and receive public comment.
Jurisdictions are required to approve bond
issuance prior to an award by the state.
Tax Equity and Fiscal Responsibility Act of
1983 (“TEFRA”) and Internal Revenue Code.
No fiscal impact on the General Fund - all
financial costs and repayment obligations are
the responsibility of the borrower.
2 SITE / PROJECT
New construction of Affordable Housing Project
136 Units
3 SITE PROJECT
To create 136 new affordable housing
units
Council Tier 1 Goal: Meet Housing Needs
Affordable units are restricted to
households with incomes ranges of 30%-
60% Area Median Income
4 RECOMMENDATION
(1) conduct a public hearing under the
requirements of the Tax Equity and Fiscal
Responsibility Act of 1983 and the Internal Revenue
Code of 1986, as amended, and (2) by resolution,
approve the issuance of revenue bonds by the
California Municipal Finance Authority in an
aggregate amount not to exceed $40 million to
finance or refinance the acquisition, construction,
improvement and equipping of Aviara Apartments,
an affordable rental housing project, located at
1385 West College Avenue, Santa Rosa.
5 QUESTIONS
6 TEFRA PUBLIC HEARING
AVIARA APARTMENTS
1385 WEST COLLEGE AVENUE