DATE:
May 19, 2026
16
TO:
BOARD OF SUPERVISORS
SUBJECT:
Title
APPROVE THE ISSUANCE OF REVENUE OBLIGATIONS BY THE CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY FOR THE BENEFIT OF CARDIFF ORTHODOX HOUSING FOUNDATION AND/OR A SUCCESSOR ENTITY IN AN AGGREGATE MAXIMUM STATED PRINCIPAL AMOUNT NOT TO EXCEED $30,000,000 (DISTRICT: 3)
Body
OVERVIEW
The County of San Diego (County) has received a request from the California Enterprise Development Authority ("CEDA" 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 tax-exempt and/or taxable revenue obligations in an aggregate principal amount not to exceed $30,000,000 (the "Revenue Obligations"), for the benefit of Cardiff Orthodox Housing Foundation, a California nonprofit religious corporation or a related or successor entity (the "Borrower").
The Borrower has applied for the financial assistance of the Authority. The Authority will loan the proceeds of the Revenue Obligations to the Borrower pursuant to one or more loan agreements (the "Loan Agreement"). The proceeds of the Revenue Obligations will be applied by the Borrower to finance, refinance and/or reimburse the cost of acquisition, development, construction, equipping and furnishing of a 61-unit, multi-family, senior housing project located at 3453, 3455 and 3457 Manchester Avenue, Cardiff by the Sea, California 92007 (the "Project"). A portion of the proceeds of the Revenue Obligations will be used to pay the costs of issuance and other related costs in connection with the financing. The Borrower is an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986 (the "Code") and will own and operate the Project in connection with its mission of providing suitable independent housing for the elderly in a community where they can also receive social, recreational and religious support. The Revenue Obligations will be paid entirely f...
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