Title
Public Hearing Under the Federal Tax Equity and Fiscal Responsibility Act of 1982 to Consider Adoption of Resolution Approving the Issuance of Revenue Bonds by the California Municipal Finance Authority in an Aggregate Principal Amount Not to Exceed $45,000,000 to Finance a 70-Unit Multifamily Rental Housing Facility for Low- and Very Low-Income Families Located within Alameda Point Site A for the Benefit of Eden Housing Inc., or an Entity to be Established by Eden Housing Inc. (or an Affiliate). (Community Development 858)
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
A public hearing and adoption of a resolution approving the issuance of bonds by the California Municipal Finance Authority (CMFA) for the benefit of the Site A affordable housing project for low and very-low income families to be constructed by Eden Housing Inc. or an entity to be established by Eden Housing Inc. (or an affiliate) (collectively, Eden) is required under the Federal Tax and Equity Fiscal Responsibility Act of 1982 (TEFRA) for all or a portion of the bonds to qualify as tax-exempt bonds. The bonds are not a debt of the City of Alameda (City), nor do they obligate the City in any way.
Staff recommends that the City Council conduct a public hearing and, upon conclusion, adopt a resolution approving the issuance of revenue bonds (Bonds) by the CMFA in an aggregate principal amount not to exceed $45,000,000 to finance the family affordable housing project to be constructed by Eden.
BACKGROUND
In June 2015, the City Council approved the Site A Development Plan and a Disposition and Development Agreement (DDA) with Alameda Point Partners (APP) for a 68-acre area within Alameda Point. Site A includes 800 housing units, two hundred (200) of which are required to be affordable. The DDA provides for a donation of land by the City for the two affordable housing projects (130 units in total) in Phase 1 and a developer contribution of $3 million as part ...
Click here for full text