DATE:
June 9, 2026
11
TO:
Board of Supervisors
SUBJECT
Title
APPROVING THE ISSUANCE OF CALIFORNIA MUNICIPAL FINANCE AUTHORITY REVENUE BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $109,200,000 FOR THE PURPOSE OF FINANCING COST OF THE ACQUISITION, DEVELOPMENT, CONSTRUCTION, EQUIPPING AND FURNISHING OF MODERATE INCOME HOUSING FACILITIES IN SAN DIEGO (DISTRICT: 4)
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 revenue bonds in an aggregate principal amount not to exceed $109,200,000 (the "Bonds"), for the benefit of 3946 Louisiana SDHF LLC, 4617 Kansas SDHF LLC, 3974 Kansas SDHF LLC, and 4376 Oregon SDHF LLC (collectively, the "Borrowers"), each of which will be a single-member limited liability company that is treated as disregarded for federal tax purposes from its initial sole member, the San Diego Foundation. The Borrowers have requested that the Authority participate in the issuance of the Bonds to: (i) finance a portion of the 2026 Projects (as defined below); and (ii) pay costs of issuance and certain interest with respect to the Bonds.
The term "2026 Projects" means, collectively, the costs of acquisition, construction, improvement, installation, renovation, rehabilitation, furnishing and equipping of certain residential housing facilities, located at (1) 3946 Louisiana St., San Diego, California 92104 (the "Louisiana Project"), (2) 4617 - 4619 Kansas St., San Diego, California 92104 (the "Kansas 1 Project"), (3) 3974 Kansas St., San Diego, California 92104 (the "Kansas 3 Project"), and (4) 4376-4380 Oregon St., San Diego, California 92104 (the "Oregon Project"). The facilities listed above are or will be owned and operated by the Borrowers.
The Authority is authorized to assist in financing for nonprofit public benefit organizations or for-profit corporations with a public benefit project wishing to is...
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