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Title
Subject: Tax and Equity Fiscal Responsibility Act (TEFRA) public hearing and approval of conduit financing for The RISE Block 5 Apartments Project
Recommended Action
1. Conduct the public hearing under the requirements of the Tax and Equity Fiscal Responsibility Act (TEFRA) and the Internal Revenue Code of 1986, as amended (the “Code”).
2. Adopt Resolution No. 26-103 approving the issuance of Bonds by the California Municipal Finance Authority (CMFA) for the benefit of Eden Housing, Inc., a California nonprofit public benefit corporation (the “Developer”), on behalf of a limited partnership or another ownership entity to be formed by the Developer or an affiliate of the Developer (such limited partnership or other ownership entity is referred to herein as the “Borrower”), to provide financing for the Project. Such adoption is solely for the purpose of satisfying the requirements of TEFRA and the California Government Code Section 6500 (and following). The resolution will also authorize the Mayor or designee to execute the Joint Exercise of Powers Agreement with the CMFA.