TEFRA PUBLIC HEARING
ORCHARD COMMONS
811 BOYD STREET
City Council Meeting
January 30, 2024
Megan Basinger, Director
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
1982 (“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
Orchard Commons
formerly known as Boyd
Street Family Apartments
46-unit Affordable
Housing Project
completed construction
on January 10, 2023
3 BENEFITS
Financing of 46 new affordable housing
units at Orchard Commons.
No fiscal impact on the General Fund - all
financial costs and repayment obligations
are the responsibility of the borrower.
A “No” vote: project will not be able to
proceed with permanent conversion and
use bond and tax credit financing
proceeds.
4 PREVIOUS APPROVALS
On January 14, 2020, City Council held a
public hearing and approved the issuance of
bond financing from CMFA.
Project experienced COVID-19 pandemic
related delays and is required to pursue a
technical reissuance of bond financing.
A new TEFRA Public Hearing and City
Council approval is required, if issuance of
bonds is not obtained within one year from
initial approval.
5 RECOMMENDATION
It is recommended by the Housing and Community
Services Department that the Council: (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 tax-
exempt multifamily housing revenue bonds by the
California Municipal Finance Authority in an
amount not to exceed $20 million to finance
Orchard Commons, 811 Boyd Street.
6 QUESTIONS?
7 7