Title:
Title
(City Council / Housing Authority) Whispering Pines Tax Equity and Fiscal Responsibility Act (TEFRA) Hearing, Approval of Tax-Exempt Bonds and Approval of Loan Commitment (Noticed 07/11/2019) [Published for 10-Day Review 07/11/2019]
End
FileID
File ID: 2019-00870
Location
Location: 7610 Amherst Street, District 8
Recommendation:
Recommendation
Conduct a Tax Equity and Fiscal Responsibility Act public hearing and upon conclusion, adopt a: 1) a City Council Resolution indicating the City Council has conducted a Tax Equity and Fiscal Responsibility Act (TEFRA) hearing related to the proposed acquisition and rehabilitation of Whispering Pines (Project); 2) a Housing Authority Resolution which: a) indicates the intention of the Housing Authority of the City of Sacramento to issue up to $14,000,000 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; and 3) a City Council Resolution: a) approving a loan commitment of $1,700,000 in Home Investment Partnership Program (HOME) funds to the Project (Loan Commitment), b) approving the execution of a Loan Commitment and all necessary documents associated with this transaction with Visionary Home Builders of California, Inc. or related entity, and c) amending the Agency budget.
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, Sacramento Housing and Redevelopment Agency
Attachments:
01-Description/Analysis and Background
02-Vicinity Map
03-Project Photo
04-January 2019 Pre-Application Results
05-Project Summary
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