Date:
September 15, 2026 10
To: Board of Supervisors
Title
Approving the Issuance of Bonds by the California Municipal Finance Authority to Finance or Refinance the Acquisition of and Improvements at Promenade Apartments (District: 4)
End
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 $40,000,000 (the “Bonds”), for the benefit of CRP Promenade LP (the “Borrower”) or a partnership of which CRP Affordable Housing and Community Development LLC (the “Developer”) or a related person to the Developer is the general partner. The Borrower has requested that the Authority participate in the issuance of the Bonds to finance or refinance the acquisition, construction, improvement and equipping of Promenade Apartments, an approximately 95-unit (including one manager unit) multifamily rental housing project located at 3990 & 3972-3986 Cleveland Avenue, San Diego, California 92103 (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 exempt facility 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.
Pursuant to Section 147(f) of the Internal Revenue Code, a public hearing was held on August 26, 2026. There were no comments from the public at that hearing.
Today’s recommendations will provide the Authority with the required authorization to pursue its determination to issue the Bonds on behalf of the Borrower for the Project...
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