TEFRA PUBLIC HEARING
VIGIL LIGHT SENIOR APARTMENTS
1945 LONG DRIVE
September 29, 2026
Housing and Community Services
Angela Morgan
Program Specialist
Tax Equity and Fiscal Responsibility Act
(“TEFRA”), and Internal Revenue Code of 1986
• Jurisdictions are required to hold a public hearing and receive public comment.
• Jurisdictions are required to approve the bond issuance prior to an award by the state.
• No fiscal impact on the General Fund – all financial costs and repayment obligations are the responsibility of the borrower.
September 29, 2026
1 Background
Background
• On April 16, 2024, City Council held a Public Hearing and approved the issuance of tax-exempt revenue bonds by California Municipal Finance Authority, in the amount of $20 million for the Vigil Light Senior Apartments project.
• The prior approval on April 16, 2024, expired after one-year if the issuance of bonds is not obtained.
• Delays beyond the Sponsor’s control have postponed the issuance of the Project’s tax-exempt revenue bonds, triggering a technical reissuance that requires a new TEFRA Public Hearing.
September 29, 2026
3 Background
Project Site:
• 1945 Long Drive
• Northeast Santa Rosa
• Built 1983
September 29, 2026
2 Background
Project
• Affordability: 49 units for seniors, of which 48 are targeted to households with incomes up to 50% of Area Median Income (“AMI”), and 1 unrestricted manager unit.
• Unit Mix: 12 studios, 36 one-bedroom, and 1 two-bedroom manager’s unit.
September 29, 2026
4 Recommendation
The Housing and Community Services Department recommends that the Council: (1) conduct a public hearing under the requirements of the Tax Equity and Fiscal Responsibility Act, the Internal Revenue Code of 1986, and California Government Code Section 6500, and (2) by resolution, approve the reissuance of tax-exempt 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 Apartments, 1945 Long Drive within the City of Santa Rosa. This item has no impact on current fiscal year budget.
September 29, 2026
5 Questions?