DATE:
March 15, 2022
20
TO:
Board of Supervisors
SUBJECT
Title
NOTICED PUBLIC HEARING: ISSUANCE OF MULTIFAMILY HOUSING REVENUE OBLIGATIONS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY FOR THE BENEFIT OF CATHEDRAL PLAZA HOUSING PARTNERS, LP OR A RELATED PARTY IN AN AGGREGATE MAXIMUM AMOUNT NOT TO EXCEED $50,000,000 (DISTRICT: 1)
Body
OVERVIEW
The County has received a request from the California Municipal Finance Authority ("CMFA" or "Authority") to conduct a public hearing as required by the Internal Revenue Code and to approve the Authority's issuance of one or more series of multifamily housing revenue obligations in an aggregate principal amount not to exceed $50,000,000 (the "Obligations"), for the benefit of Cathedral Plaza Housing Partners, LP (the "Borrower") or a partnership of which the Rice and Haeling Development Group (the "Developer" and also known as "RAHD Group") or a related person to the Developer is the general partner. The Borrower has applied for the financial assistance of the Authority. The proceeds of the Obligations will be used to finance the acquisition, rehabilitation, improvement and equipping of Cathedral Plaza Apartments, a multifamily rental housing project for low-income seniors located at 1551 Third Avenue, San Diego, California ("Project") and pay certain expenses incurred in connection with the issuance of the Obligations.
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 Obligations, including the Borrower. In order to initiate such a financing, the Borrower is asking the County of San Diego, a member jurisdiction in which the project resides to: (1) conduct a public hearing to satisfy the public approval requirement of Section 147(f) of the Internal Revenue Code; and (2) approve the Authority's issuance of the Obligations. Although the Authority will be the issuer of the Obligations for the Borro...
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