TEFRA PUBLIC HEARING
VIGIL LIGHT SENIOR APARTMENTS
1945 LONG DRIVE
City Council Meeting
April 16, 2024
ANGELA MORGAN
Program Specialist
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
(“TEFRA”), and the Internal Revenue Code of
1986.
❖ No fiscal impact on the General Fund - all
financial costs and repayment obligations are
the responsibility of the Borrower.
2 PROJECT
❖ 1945 Long Drive
3 PROJECT
❖ 49-unit affordable housing development
for seniors
❖ 48 units targeted to households with
incomes up to 50% of Area Median
Income (“AMI”), and one non-restricted
manager unit
❖ 12 studios, 36 one-bedroom, and 1 two –
bedroom manager’s unit
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 $20 million to finance and refinance the acquisition, rehabilitation,
development, and equipping of Vigil Light Senior
Apartments, 1945 Long Drive within the City of Santa
Rosa.
5 QUESTIONS?
6