Title:
Title
(City Council / Housing Authority) Cascade Village Tax Equity and Fiscal Responsibility Act (TEFRA) Hearing and Approval of Tax Exempt Bonds (Noticed on 12/21/2018)
End
FileID
File ID: 2018-01619
Location
Location: 7600 Fruitridge Road, District 6
Recommendation:
Recommendation
Conduct a public hearing and upon conclusion adopt: 1) a City Council Resolution indicating the City Council has conducted a Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing related to the proposed acquisition and rehabilitation of Cascade Village (Project); 2) a Housing Authority Resolution which a) indicates the intent of the Housing Authority of the City of Sacramento (Housing Authority) to issue up to $25,000,000 in tax-exempt mortgage revenue bonds to provide acquisition and construction financing for the project, b) authorizes an application to the California Debt Limit Allocation Committee (CDLAC) for allocation authority to issue the bonds, and c) authorizes the Executive Director, or designee, to execute the necessary documents associated with the transaction.
Contact: Christine Weichert, Assistant Director, (916) 440-1353; Tyrone Roderick Williams, Director of Development, (916) 440-1316, Sacramento Housing and Redevelopment Agency
Body
Presenter: Louise Eller, Housing Finance Analyst, (916) 440-1353, Sacramento Housing and Redevelopment Agency
Attachments:
1-Description/Analysis
2-Vicinity Map
3-Project Photo
4-Project Summary
5-Cash Flow Proforma
6-Maximum Income and Rent Limits
7-Narrative Scope of Development
8-City Council TEFRA Resolution
9-Housing Authority Bond Inducement Authorization Resolution
Description/Analysis
Issue Detail: Cascade Village is an existing affordable housing development with 74 units, including one manager's unit. The Project was built in 1964 and consists of 52 one-bedroom units and 22 two-bedroom units within four two-story and two one-story residential buildings. The property is located ...
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