Title:
Title
(City Council/Housing Authority) Northlake Senior Apartments Tax Equity and Fiscal Responsibility Act Hearing Approval of Tax Exempt Bonds (Noticed on 09/11/2020)
End
FileID
File ID: 2020-00900
Location
Location: NW Corner of CA-99 and I-5, District 1
End
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 Northlake Senior Apartments and approving the issuance of tax-exempt bonds by the Housing Authority; and 2) a Housing Authority Resolution a) indicating 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, 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 the transaction.
FileName
Contact: Christine Weichert, Assistant Director, (916) 440-1353, Tyrone Roderick Williams, Deputy Executive Director, (916) 440-1316, Sacramento Housing and Redevelopment Agency
Body
Presenter: Christine Weichert, Assistant Director, (916) 440-1353, Sacramento Housing and Redevelopment Agency
Attachments:
1-Description/Analysis
2-Vicinity Map
3-Residential Project Summary
4-Cash Flow Proforma
5-Maximum Income and Rent Limits
6-Scope of Development
7-City Council Resolution - TEFRA Hearing
8-Housing Authority Resolution - Tax Exempt Bonds
Description/Analysis
Issue Detail: Northlake Senior Apartments is a new construction affordable senior housing development located on 7.54 vacant acres in the Greenbriar Subdivision near Elkhorn Boulevard and State Highway 99. A vicinity map is in...
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