DATE:
May 19, 2026
17
TO:
Board of Supervisors
SUBJECT
Title
APPROVING AN INCREASE IN THE ISSUANCE OF EXEMPT FACILITY BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY BY THE AGGREGATE OUTSTANDING PRINCIPAL AMOUNT NOT TO EXCEED $65,000,000 (INCREASED FROM $40,000,000) TO FINANCE AND REFINANCE A QUALIFIED RESIDENTIAL RENTAL KNOWN AS 707 BY VINTAGE APARTMENT PROJECT (DISTRICT: 1)
Body
OVERVIEW
The County of San Diego ("County") has received a request from the California Municipal Finance Authority ("CMFA" or "Authority") to approve the Authority's issuance of exempt facility bonds in an aggregate principal amount not to exceed $65,000,000 (the "Bonds"), for the benefit of Vintage Housing Holdings LLC, a California limited liability corporation (the "Borrower"). The Borrower has requested that the Authority participate in the issuance of the Bonds to finance or refinance the acquisition and rehabilitation of a 202-unit (including a two manager's units) multifamily rental housing project located within the County at 707 Broadway, San Diego, California, 92101 (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, 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.
The County approved a resolution establishing a not-to-exceed amount of $40,000,000 for the Project at its March 24, 2026 (10) Board of Supervisors meeting, Resolution No. 26-016. Subsequent to that approval, the Borrower was awarded additional tax-exempt financing, resulting in a total bond amount that exceeds $40,000,000. Accordingly...
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