REQUEST FOR CITY COUNCIL / HOUSING AUTHORITY ACTION
SUBMITTED TO: Honorable Mayor and City Council Members / Honorable Chair and Board Members
SUBMITTED BY: Travis Hopkins, City Manager
VIA: Jennifer Villasenor, Director of Community Development
PREPARED BY: Charles Kovac, Housing Manager
Subject:
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Conduct a Tax and Equity Fiscal Responsibility Act (TEFRA) Public Hearing for the Pelican Harbor Apartments; Adopt Resolution No. 2025-65 Approving the Issuance of the California Municipal Finance Authority's (CMFA) Continued Issuance of Tax-exempt Bonds in an amount not to exceed $20,000,000 for the Pelican Harbor Apartments; and Approve Amendments to Affordable Housing Agreements - continued from the October 21, 2025, City Council/Public Financing Authority Meeting/Housing Authority Special Meeting
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Statement of Issue:
Jamboree Housing Corporation, the developer of Pelican Harbor Apartments, is requesting that the City Council hold a Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing and adopt a resolution required under federal regulations to maintain the tax-exempt status of previously issued bonds that helped finance the construction of the 43-unit permanent supportive housing community for formerly homeless seniors located at 18431 Beach Boulevard.
This action is procedural. It does not authorize any new bonds or financing, nor does it create any financial obligation or liability for the City. Holding this hearing is a federal requirement necessary for the long-term conversion of a portion of the previously issued tax-exempt bonds from construction to permanent financing.
In exchange for hosting the TEFRA hearing, the City has secured stronger affordability protections and more favorable loan repayment terms.
Financial Impact:
This action does not create any new financial obligation for the City. In fact, the City will receive several long-term benefits negotiated with the developer:
* The original 60-year affordability term wi...
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