DATE:
December 9, 2025
19
TO:
Board of Supervisors
SUBJECT
Title
APPROVING THE REISSUANCE OF MULTIFAMILY HOUSING REVENUE OBLIGATIONS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $55,000,000 FOR THE PURPOSE OF FINANCING OR REFINANCING THE ACQUISITION, DEVELOPMENT, CONSTRUCTION AND EQUIPPING OF THE VISTA LANE FAMILY APARTMENTS (DISTRICT: 1)
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 $55,000,000 (the "Bonds"), for the benefit of the MirKa 3481 Vista Lane Family LP, a California limited partnership (the "Borrower"). The Borrower has requested that the Authority participate in the issuance of one or more series of revenue bonds in an aggregate principal amount not to exceed $55,000,000 to finance or refinance the acquisition, development, construction and equipping of a multifamily rental housing project located within the County of San Diego (the "County") at 3481, 3501 and 3509 Vista Lane, San Ysidro, California (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 November 20, 2025. There were no comments from the public at that hearing.
A TEFRA hearing was originally held and a TEFRA resolution was app...
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