DATE:
May 18, 2021
13
TO:
Board of Supervisors
SUBJECT
Title
CONTINUED ITEM FROM 05/04/2021 (20):
NOTICED PUBLIC HEARING:
ISSUANCE OF MULTIFAMILY HOUSING REVENUE OBLIGATIONS BY THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY FOR THE BENEFIT OF FAIRFIELD PARK CREST LP, IN AN AGGREGATE AMOUNT NOT TO EXCEED $38,000,000 (DISTRICT: 4)
Body
OVERVIEW
On May 4, 2021 (20), the Board of Supervisors continued the item to May 18, 2021.
The County has received a request from the California Statewide Communities Development Authority ("CSCDA" or "Authority") to conduct a public hearing as required by the Internal Revenue Code and to approve the Authority's issuance of one or more series of multifamily housing revenue obligations in an aggregate principal amount not to exceed $38,000,000 (the "Obligations"), for the benefit of Fairfield Park Crest LP (the "Borrower"). The Borrower has applied for the financial assistance of the Authority to: finance or refinance the acquisition, rehabilitation and development of a multifamily rental housing project located at 4552 Logan Avenue, San Diego, California ("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 obligations, 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: (1) conduct a public hearing to satisfy the public approval requirement of Section 147(f) of the Internal Revenue Code; and (2) approve the Authority's issuance of the Obligations. Although the Authority will be the issuer of the Obligations for the Borrower, the financing cannot proceed without the approval of an applicable legislative body.
Today's recommendations will provide the Authority with the required authorization to pursue its determination to issue the Obligations on behalf of the...
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