Title:
Title
(City Council / Housing Authority) Arden Way Phase II Tax Equity and Fiscal Responsibility Act Hearing, Approval of Tax-Exempt Bonds and Approval of Loan Commitment (Noticed on 07/11/2019) [Published for 10-Day Review 07/11/2019]
End
FileID
File ID: 2019-00869
Location
Location: 880, 924 and 936 Arden Way, District 2
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) public hearing related to the proposed acquisition and construction of Arden Way Phase II (Project); 2) a Housing Authority Resolution which a) indicates the intention of the Housing Authority of the City of Sacramento to issue up to $30,000,000 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 authorizing the Sacramento Housing and Redevelopment Agency (Agency) to: a) amend the Agency budget, b) approve a loan commitment of $4,000,000 comprised of $2,400,000 in Home Investment Partnerships Program (HOME) funds, $1,300,000 in Housing Trust Funds and $300,000 in Mixed Income Housing funds to the Project (Loan Commitment), c) execute a Loan Commitment and all necessary documents associated with this transaction with Community HousingWorks or related entity, and d) make related findings.
Contact: Christine Weichert, Assistant Director, (916) 440-1353; Tyrone Roderick Williams, Director of Development, (916) 440-1316, Sacramento Housing and Redevelopment Agency
Body
Presenter: Susan Veazey, Program Manage, (916) 440-1311, Sacramento Housing and Re...
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