DATE:
November 4, 2025
08
TO:
Board of Supervisors
SUBJECT
Title
APPROVAL OF A RESOLUTION: ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY FOR THE BENEFIT OF FALLBROOK SENIOR APARTMENTS LP IN AN AGGREGATE AMOUNT NOT TO EXCEED $26,000,000 (DISTRICT: 5)
Body
OVERVIEW
The County has received a request from the California Municipal Finance Authority ("CMFA" or "Authority") to approve the Authority's issuance of one or more series of revenue bonds in an aggregate principal amount not to exceed $26,000,000 (the "Bonds"), for the benefit of Fallbrook Senior Apartments LP (the "Borrower") or a partnership of which National Community Renaissance of California (the "Developer") or a related person to the Developer is the general partner. The Borrower has applied for the financial assistance of the Authority to finance or refinance the acquisition, construction and development of a multifamily rental housing project located at 213 & 225 West Elder Street, Fallbrook, California 92028 (collectively, the "Project").
The Authority is authorized to assist in financing for nonprofit public benefit organizations or for-profit corporations with a public benefit project wishing to issue revenue bonds, including the Borrower. In order to initiate such a financing, the Borrower is asking the County of San Diego, a member jurisdiction in which the project resides to approve the Authority's issuance of the Bonds. Although the Authority will be the issuer of the Bonds for the Borrower, the financing cannot proceed without the approval of an applicable legislative body.
Pursuant to Section 147(f) of the Internal Revenue Code, a public hearing was held on October 16, 2025 by CMFA. There were no comments from the public at that hearing.
Today's recommendation will provide the Authority with the required authorization to pursue its determination to issue the Bonds on behalf of the Borrower for the Project.
RECOMMENDATION(S)
CHIEF ADMINISTRATIVE OFFI...
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