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Council approves TEFRA hearing outcome to clear way for Village Green Apartments bond financing
Summary
The City of San Bernardino on Aug. 6 adopted a resolution required by federal tax rules to allow the California Municipal Finance Authority to issue tax-exempt bonds for the Village Green Apartments preservation and rehabilitation project.
The City of San Bernardino on Aug. 6 opened and closed a TEFRA public hearing and adopted a resolution allowing the California Municipal Finance Authority (CMFA) to issue tax-exempt bonds for the preservation and rehabilitation of Village Green Apartments in Ward 3.
City housing staff said the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) requires a local public hearing and approval before a tax-exempt bond issued off‑city books can proceed. "The bonds are to be issued by the California Municipal Finance Authority, CMFA, on behalf of the project, and the city is not obligated to repay them," housing staff said during the presentation. "The repayment is reliant on the project. The city's responsibility is to host and adopt the resolution." The staff presentation estimated the bond issuance amount would not exceed $46,000,000 and said any city contribution — currently estimated at $4,000,000 — would be reviewed separately.
Adoption of the resolution satisfied the federal TEFRA requirement and allows the…
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