Title
It is requested that the Board of Supervisors:
a. Conduct a public hearing under the requirements of Tax Equity and Financial Responsibility Act (TEFRA) and the Internal Revenue Code of 1986, as amended; and,
b. Adopt a resolution approving the issuance of up to $11,000,000 in tax-exempt bonds by the California Municipal Finance Authority (CMFA) for Camphora Associates, L.P., or another limited partnership, or a limited liability company, to be established by Eden Housing, Inc., or an affiliate thereof, or South County Housing Corporation or an affiliate thereof, with respect to a multifamily rental project.
Report
RECOMMENDATION:
It is requested that the Board of Supervisors:
a. Conduct a public hearing under the requirements of Tax Equity and Financial Responsibility Act (TEFRA) and the Internal Revenue Code of 1986, as amended; and,
b. Adopt a resolution approving the issuance of up to $11,000,000 in tax-exempt bonds by the California Municipal Finance Authority (CMFA) for Camphora Associates, L.P., or another limited partnership, or a limited liability company, to be established by Eden Housing, Inc., or an affiliate thereof, or South County Housing Corporation or an affiliate thereof, with respect to a multifamily rental project.
SUMMARY:
Eden Housing, Inc. ("EHI") will be taking over from South County Housing Corporation ("South County") as the sponsor of the Project and an affiliate of EHI will be the general partner of the limited partnership acquiring and constructing the Project. Alternatively, should the issuance occur before EHI takes over, the issuer will be South County Housing Corporation, or an affiliate thereof. Accordingly, the information contained in the TEFRA Notice and the TEFRA Resolution adopted by this Board on January 14, 2014 is no longer correct, and a new TEFRA Hearing will need to be held and a new TEFRA Resolution will need to be adopted prior to the issuance of the Bonds, which is scheduled to occur in mid-...
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