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 the Rosefield Village, a 92-Unit Multifamily Rental Housing Project, Located at 718-746 Eagle Avenue and 715-727 Buena Vista Avenue, Alameda, California for the Benefit of the City of Alameda Housing Authority. (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 Rosefield Village Affordable Housing Project owned by the Housing Authority of the City of Alameda is a requirement 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 will not represent 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 by the CMFA in an aggregate principal amount not to exceed $45,000,000 to finance Rosefield Village, a multifamily rental housing project, owned by the Housing Authority of the City of Alameda (AHA) and its nonprofit affiliate Island City Development (ICD).
BACKGROUND
AHA currently owns a multifamily, wood frame and modular style property built in the 1970s, known as Rosefield Village, which has no current affordability restrictions encumbering the property. The original property is comprised of 40 modular units on approximately 1.5 acres, one block from the Webster Street commercial district. Moreover, AHA purchased and/or built additional houses and apartments on adjacent parcels it owns, so Rosefield Village is now compr...
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