TO: Honorable Mayor and Members of the City Council
THRU: Bonnie Hagan, Acting City Manager
FROM: Susan Galvan, Interim Community Development Director
1. SUBJECT
title
Public Hearing to consider conduit tax-exempt bond financing for the Corp Yard Affordable Housing Project, Tax Equity and Fiscal Responsibility Act (TEFRA) Hearing.
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2. SUMMARY
Resolution No. 11294 authorizes the City of Orange to approve the issuance by the California Municipal Finance Authority of tax-exempt bonds, in an amount not to exceed $20,000,000 to finance the Valencia Garden Apartments, formerly known as the Corp Yard Affordable Housing Project located at 637 West Struck Avenue, Orange, California.
3. RECOMMENDED ACTION
recommendation
Adopt Resolution No. 11294. A Resolution of the City Council of the City of Orange approving the issuance by the California Municipal Finance Authority of multifamily housing revenue bonds for the affordable housing project located at 637 West Struck Avenue.
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4. FISCAL IMPACT
None.
5. STRATEGIC PLAN GOALS
Goal 3: Enhance and promote quality of life in the community
c: Support and enhance attractive, diverse living environments.
e: Develop and strengthen collaborative partnerships to enhance and promote quality of life programs, projects, and services.
6. DISCUSSION AND BACKGROUND
On January 12, 2021, the City Council approved entitlements, agreements, and authorized HOME Investment Partnerships funds for what was referred to as the Corp Yard Affordable Housing Project, now known as the Valencia Garden Apartments (Project) that will consist of 62 affordable rental housing units for low income families. Orange Housing Development Corporation (OHDC) and C&C Development Co. (C&C) are the project proponents. The Project is located on about two acres of an underutilized portion of the City's Corporation Yard site located at 637 West Struck Avenue.
OHCD and C&C have a long history of partnering with the City to develop and manage qual...
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