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Council closes TEFRA hearing for proposed Caritas financing for Franciscan Town & Country mobile home park
Summary
Fresno’s council heard a TEFRA notice May 22 for a proposed CMFA bond issuance up to $57 million to support Caritas’s work at the Franciscan Town & Country mobile home park; the council closed the hearing with no opposition.
The Fresno City Council conducted a TEFRA (Tax Equity and Fiscal Responsibility Act) hearing on May 22 to receive public comment on a proposed tax‑exempt bond issuance by the California Municipal Finance Authority (CMFA) to finance a portion of the Caritas Affordable Housing acquisition and rehabilitation of the Franciscan Town and Country mobile home park at 2317–2337 South Chestnut (Council District 5).
Staff explained the financing request was for tax‑exempt bonds in an amount not to exceed $57,000,000 and reminded the council the city would have no legal or financial obligation for the bonds; any debt would be the sole responsibility of the borrower. The TEFRA hearing enables affected taxing jurisdictions to hear public input before a conduit issuer approves bonds.
No members of the public spoke in opposition at the hearing. Councilmembers moved and seconded the typical TEFRA hearing motion and the council recorded no opposition; the hearing closed without further council action.
Why it matters: TEFRA hearings do not impose debt on the city but provide procedural public notice for proposed tax‑exempt conduit financings; if approved by the issuer, the financing can provide lower‑cost capital for nonprofit developers to acquire, preserve or rehabilitate affordable housing.
Technical note: The council’s role in TEFRA is advisory and procedural. The CMFA, not the city, would be the issuer; any repayment obligations rest with Caritas or its affiliates.
