Date:
August 18, 2026
19
To:
Board of Supervisors
Title
Approve the Issuance of Exempt Facility Bonds by the California Statewide Communities Development Authority for the Benefit of Island Family Housing, LP for a Qualified Residential Rental Project in an Aggregate Principal Amount not to Exceed $18,000,000 for the Purpose of Financing or Refinancing the Acquisition, Rehabilitation, Improvement and Equipping of Island Gardens (District: 1)
Title
Body
Overview
The County of San Diego ("County") has received a request from the California Statewide Communities Development Authority ("CSCDA" or "Authority") to approve the Authority's issuance of tax-exempt multi-family housing revenue bonds in an aggregate principal amount not to exceed $18,000,000 ("Bonds"), for the benefit of Island Family Housing, LP ("the Borrower"), formed by a joint venture partnership between Foster Hamilton Affordable (the "Developer") and Pacific Southwest Community Development Corporation, a nonprofit entity. The proceeds of the Bonds will be used for the purpose of making a loan to the Borrower, to enable the Borrower to finance the acquisition, rehabilitation, improvement and equipping of a 122-unit affordable multifamily housing rental project located at 3545 Island Avenue, San Diego, CA 92102 (the "Project"), which will be owned and operated by the Borrower.
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 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...
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