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Council approves TEFRA resolution for tax‑exempt financing of Bayside apartments; developer says 75% of units will be restricted
Summary
Pinole council adopted a resolution required by TEFRA to permit issuance of up to $65 million in tax‑exempt bonds by the California Municipal Finance Authority for a Bayside apartment acquisition; developer and nonprofit owner said most units will become affordable and modest capital work is planned.
The Pinole City Council adopted a resolution to satisfy a federal TEFRA hearing requirement and to approve issuance of tax‑exempt bonds by the California Municipal Finance Authority (CMFA) to benefit Step Up Housing for the acquisition and refinancing of a multifamily property at 530 Sunnyview Drive.
Community Development Director Lily Whelan briefed the council that TEFRA (the federal Tax Equity and Fiscal Responsibility Act) requires a public hearing in the jurisdiction where tax‑exempt financing will occur; the council’s approval does not obligate the city to repay the bonds. "The debt to be issued by the CMFA will be the sole responsibility of the…
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