Title
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 four series of tax-exempt bonds, in a cumulative amount not to exceed $50,369,000.00, by the Housing Authority of the County of Monterey to finance various housing facilities.
Report
RECOMMENDATION:
It is recommended 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 four series of tax-exempt bonds, in a cumulative amount not to exceed $50,369,000.00, by the Housing Authority of the County of Monterey to finance various housing facilities.
SUMMARY:
The Housing Authority of the County of Monterey (the "Authority") owns various multifamily rental housing facilities located in Gonzales, Greenfield and Salinas. In connection with a Rental Assistance Demonstration program ("RAD") of the Department of Housing and Urban Development ("HUD"), the Authority, working with the Monterey Housing Development Corporation (the "Corporation"), has established four California limited partnerships, and plans to issue four series of tax-exempt multifamily housing bonds to finance the acquisition from the Authority, and the rehabilitation by the respective partnerships, of the housing facilities. The establishment of the partnerships and the groupings of the housing facilities to be owned and rehabilitated by them were required by HUD policies and procedures and are identified under the attached "Description of Projects".
In order for the interest on the four series of bonds to be tax-exempt, the Authority has requested that the Board of Supervisors conduct a public hearing regarding the proposed bond issues and, following the public hearing, adopt a resolution appr...
Click here for full text