...Title
Approval of Exception to the City Multifamily Housing Revenue Bond Policy Allowing Four Affordable Housing Developments to Use an Alternate Bond Issuer.
...Recommendations
Adopt a resolution:
(a) Authorizing exceptions to the City Council’s Multifamily Housing Revenue Bond Policy 1-16 for the issuance of Multifamily Housing Revenue Bonds due to special circumstances, thereby allowing the California Municipal Finance Authority to issue the bonds for the following developments:
(1) Villa Del Sol Apartments located at 1936 Alum Rock Avenue;
(2) Martha Gardens Apartments located at 802 South First Street;
(3) Monterey Road Apartments located at 4300-4310 Monterey Road; and
(4) 2880 Alum Rock Avenue Apartments located at 2880 Alum Rock Avenue.
(b) Authorizing the Director of Finance to hold the Tax Equity and Fiscal Responsibility Act hearings for the Villa Del Sol Apartments, Martha Gardens Apartments, Monterey Road Apartments, and 2880 Alum Rock Avenue Apartments upon receipt of California Debt Limit Allocation Committee approval and debt allocations.
CEQA: Villa Del Sol, 1936 Alum Rock Ave: File Nos. CP20-015 and ER20-092, Mitigated Negative Declaration for Villa Del Sol Mixed-Use Project (Planning Commission Resolution No. 21-002); Martha Gardens, 802 South 1st Street: File Nos. PDC17-022, PD21-011, and ER21-130, South First/East Virginia Street Mixed-Use Development Project Initial Study and Mitigated Negative Declaration (Resolution no. 79906); Monterey Road Apartments, 4300-4310 Monterey Road: Exempt from CEQA review per Public Resources Code Section 21080(b)(1) and CEQA Guidelines Section 15369, Ministerial Development pursuant to Government Code Section 65913.4, File No. ER20-150; 2880 Alum Rock Avenue Apartment, 2880 Alum Rock Ave: File Nos. CP20-025 and ER20-216, Mitigated Negative Declaration for 2880 Alum Rock Mixed-Use Project (Planning Commission Resolution No. 21-029). Council Districts 2, 3, and 5. (Housing/Finance)