Title:
Title
(City Council / Housing Authority) Lavender Courtyard by Mutual Housing - Tax Equity and Fiscal Responsibility Act (TEFRA) Hearing, Approval of Tax-Exempt Bonds, and Extension of Funding Commitment (Noticed on 11/26/2019)
End
FileID
File ID: 2019-01523
Location
Location: 605 16th Street, 1612 F Street and 1616 F Street, District 4
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 construction and financing of the Lavender Courtyard by Mutual Housing; 2) a City Council Resolution which authorizes the Sacramento Housing and Redevelopment Agency (Agency) to a) approve a funding commitment of $1,905,525 in City Home Investment Partnership (HOME) funds, b) execute a Funding Commitment Letter with Lavender Associates, L.P. (Mutual Housing California) or related entity, c) execute all necessary documents associated with this action, d) amend the Agency budget, and e) make related findings; and 3) a Housing Authority Resolution a) indicating the intention of the Housing Authority of the City of Sacramento to issue up to $35,000,000 in tax-exempt mortgage revenue bonds to provide acquisition, construction and permanent financing for the Project, b) authorizing an application to the California Debt Limit Allocation Committee (CDLAC) for allocation authority to issue bonds, and c) authorizing the Executive Director, or designee, to execute necessary documents associated with this action.
Contact: Christine Weichert, Assistant Director, (916) 440-1353, Tyrone Roderick Williams, Director of Development, (916) 440-1316, Sacramento Housing and Redevelopment Agency
Body
Presenter: Anne Nicholls, Housing Finance Analyst, Sacramento Housing and Redevelopment Agency
Attachments
1-Description/Analysis
2-Vicinity Map
3-Project Summary
4-Cash Flow
5-Maxi...
Click here for full text