Date:
August 18, 2026
18
To:
Board of Supervisors
Title
Approving the Issuance and Reissuance of California Municipal Finance Authority Multifamily Housing Exempt Facility Bonds in an Aggregate Principal Amount Not to Exceed $13,000,000 for the Purpose of Financing and/or Refinancing the Acquisition, Development, Construction, and Equipping of a Qualified Residential Rental Project to be Known as the 2581 Commercial Street Apartments (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 $13,000,000 (the "Bonds"), for the benefit of SLT 2581 Commercial St, LP, a California limited partnership (the "Borrower"). The Borrower has requested that the Authority participate in the issuance of the Bonds to finance or refinance the acquisition, development, construction, and equipping of a 70-unit (including one manager's unit) multifamily rental housing project located within the County at 2581 Commercial Street, San Diego, California 92113 (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.
Pursuant to Section 147(f) of the Internal Revenue Code, a public hearing was held on March 3, 2026. There were no comments from the public at that hearing.
The Board previously approved this issuance on March 24, 2026 (11), but the address listed on ...
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