RECOMMENDATION(S):
ADOPT Resolution No. 2017/4 approving the issuance of Multifamily Housing Revenue Bonds (the "Bonds") by the California Municipal Finance Authority (CMFA) in an amount not to exceed $22,050,000 for the benefit of Satellite Affordable Housing Associates (SAHA), a California nonprofit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986 (the "Code"), or a subsidiary or affiliate thereof (the “Borrower”), to provide for the financing of the acquisition, rehabilitation, improvement and equipping of a multifamily housing development commonly known as Casa Montego Apartments located at 1485 Montego Street, in the City of Walnut Creek. Such adoption is solely for the purposes of satisfying the requirements of the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), the Code and the California Government Code Section 6500 (and following).
FISCAL IMPACT:
No impact to the General Fund. The County will be reimbursed for any costs incurred in the process of conducting the TEFRA Hearing. The CMFA will issue tax-exempt revenue bonds on behalf of SAHA. Repayment of the bonds is solely the responsibility of SAHA.
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