...Title
Approval of an Exception to the City Multifamily Housing Revenue Bond Policy Allowing Modera the Alameda Affordable Housing Development to Use an Alternate Bond Issuer and Hold the Tax Equity and Fiscal Responsibility Act Hearing for California Municipal Finance Authority's Issuance of Tax-Exempt Multifamily Revenue Bonds to Finance the Acquisition of Modera the Alameda Development. - TO BE HEARD IMMEDIATELY AFTER CONSENT
...Recommendations
(a) Adopt a resolution authorizing an exception to the City Council’s Multifamily Housing Revenue Bond Policy, Council Policy 1-16, for the issuance of Multifamily Housing Revenue Bonds for Modera The Alameda due to special circumstances, thereby allowing the California Municipal Finance Authority to issue the bonds as qualified 501(c)(3) bonds.
(b) Hold a Tax Equity and Fiscal Responsibility Act of 1982 public hearing for the issuance of not to exceed $100,000,000 of tax-exempt multifamily housing revenue bonds by the California Municipal Finance Authority, to finance the acquisition of a 168-unit apartment complex located at 787 The Alameda in San José by Catalyst Impact Fund, a California nonprofit public benefit corporation or an affiliate; and to pay certain expenses incurred in connection with the issuance of the bonds.
(c) Adopt a resolution approving the issuance of tax-exempt multifamily housing revenue bonds by the California Municipal Finance Authority in an aggregate principal amount not to exceed $100,000,000 to finance the acquisition of an existing building located at 787 The Alameda, and to pay certain expenses incurred in connection with the issuance of the bonds.
CEQA: Not a Project, File No. PP17-008, General Procedure and Policy Making resulting in no changes to the physical environment. Council District 6. (Housing/Finance)
TO BE HEARD IMMEDIATELY AFTER CONSENT