Date:
August 18, 2026
17
To:
Board of Supervisors
Title
Approving the Issuance of California Municipal Finance Authority Multifamily Housing Qualified 501(c)(3) Bonds in an Aggregate Principal Amount not to Exceed $16,565,000 for the Purpose of Financing and/or Refinancing the Acquisition and Improvement of a Mobile Home Park to be Known as Alpine Oaks Estate (District: 2)
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 multifamily housing qualified 501(c)(3) bonds in an aggregate principal amount not to exceed $16,565,000 (the "Bonds"), for the benefit of Augusta Communities II LLC, a California limited liability company, whose sole member is Augusta Homes, a California nonprofit public benefit corporation (the "Borrower"). The Borrower has requested that the Authority participate in the issuance of the Bonds to finance or refinance the acquisition and improvement of an approximately 66 space mobile home park located within the county at 3505 Alpine Boulevard, Alpine, California 91901 (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 multifamily housing qualified 501(c)(3) 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 4, 2026. There was one member of the public who was present and made a comment.
Today's recommendations will provide the Authority with the required authorizatio...
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