DATE:
April 9, 2024
18
TO:
Board of Supervisors
SUBJECT
Title
NOTICED PUBLIC HEARING: ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY FOR THE BENEFIT OF AUBURN PARK II APARTMENTS IN AN AGGREGATE AMOUNT NOT TO EXCEED $15,000,000 (DISTRICT: 4)
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 revenue bonds in an aggregate principal amount not to exceed $15,000,000 (the "Bonds"), for the benefit of AHG Auburn Park II, LLC, a California limited liability company (the "General Partner"), an affiliate of Affirmed Housing Group, Inc. (the "Sponsor"), on behalf of Auburn Park II, L.P., a California limited partnership, or another ownership entity to be created by the General Partner or by another affiliate of the Sponsor (such limited partnership or ownership entity being referred to herein as the "Borrower"). The Borrower has applied for the financial assistance of the Authority to finance and refinance the acquisition, rehabilitation and improvement of a 69-unit qualified residential rental project (the "Project") to be owned and operated by the Borrower and located at 5135 University Avenue, in the City of San Diego, San Diego County (the "County"), California.
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 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 Bonds. Although the Authority will be the issuer of the Bonds ...
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