Title
a. Hold a public hearing in compliance with the Tax Equity and Financial Responsibility Act of 1982 (TEFRA) and the Internal Revenue Code of 1986, as amended, regarding the issuance by the California Municipal Finance Authority (CMFA) of tax-exempt revenue bonds to finance the acquisition, construction, improvement and equipping of a 66-unit affordable rental housing facility for low-income tenants, to be located at 21131 and 21231 Ord Avenue in East Garrison, California, an unincorporated community in the County of Monterey; and
b. Adopt a resolution approving the issuance, for federal income tax purposes, of CMFA revenue bonds, in the aggregate principal amount not to exceed $30,000,000, to finance a multifamily rental housing facility for the benefit of CHISPA, Inc., and certain other matters relating thereto; and
c. Determine that the above actions involve government funding mechanisms and/or fiscal activities and are not a project under the California Environmental Quality Act (CEQA), pursuant to Section 15378(b)(4) of the CEQA Guidelines.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Hold a public hearing in compliance with the Tax Equity and Financial Responsibility Act of 1982 (TEFRA) and the Internal Revenue Code of 1986, as amended, regarding the issuance by the California Municipal Finance Authority (CMFA) of tax-exempt revenue bonds to finance the acquisition, construction, improvement and equipping of a 66-unit affordable rental housing facility for low-income tenants, to be located at 21131 and 21231 Ord Avenue in East Garrison, California, an unincorporated community in the County of Monterey; and
b. Adopt a resolution approving the issuance, for federal income tax purposes, of CMFA revenue bonds, in the aggregate principal amount not to exceed $30,000,000, to finance a multifamily rental housing facility for the benefit of CHISPA, Inc., and certain other matters relating thereto; and
c. Determine that the...
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