TEFRA PUBLIC HEARING
DEL NIDO APARTMENTS
850 RUSSELL AVENUE
City Council Meeting
April 16, 2024
Angela Morgan, Program Specialist
Housing and Community Services Department
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
(“TEFRA”), and Internal Revenue Code of
1986.
No fiscal impact on the General Fund - all
financial costs and repayment obligations
are the responsibility of the developer.
2 PROJECT
850 Russell Avenue
3 PROJECT
206-unit affordable rental housing
development
30 units targeted to households with
incomes up to 30% of Area Median
Income (“AMI”), 8 units targeted to
household incomes up to 50% AMI, 166
units targeted to households up to 60%
AMI, and two unrestricted manager units
59 studios and 145 one-bedroom units 4
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 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
aggregate principal amount not to exceed $55 million to finance and refinance the acquisition, construction,
development, and equipping of Del Nido Apartments, 850
Russell Avenue within the City of Santa Rosa.
5 QUESTIONS?
6