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Council approves TEFRA hearing resolution to enable $20 million in bonds for Vacaville Gables affordable-housing rehab

3527233 · May 27, 2025

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Summary

The Vacaville City Council on May 20 adopted a resolution following a Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing to permit bond issuance that will support rehabilitation of the 65-unit Vacaville Gables Apartments.

The Vacaville City Council on May 20 held a TEFRA public hearing and adopted a resolution approving issuance of bonds by the California Statewide Communities Development Authority (CSCDA) to finance rehabilitation work at the Vacaville Gables Apartments.

Tamara Kolding, director of Housing and Community Services, told the council the financing enables Vacaville Gables Preservation LP (formerly Ledge) to complete a planned rehabilitation of 65 affordable units previously preserved under affordability restrictions. Kolding recapped the project history: the council previously approved modifications to debt and affordability dates to increase competitiveness for tax-credit awards; in 2024 the project secured tax-credit funding but the applicant later changed its partnership name to Vacaville Gables Preservation LP, which required a new TEFRA hearing and resolution.

City staff said the bonds will not exceed $20,000,000, that Vacaville Gables Preservation LP is responsible for bond repayment, and that repayment is structured over a 30–35 year period. Staff said all other financial terms remain the same from the earlier TEFRA approval and recommended the council adopt the resolution so the project can proceed to close on tax-credit financing.

No members of the project's development team were present at the hearing. The council opened the public hearing, received no public testimony on the item, and approved the staff recommendation. The motion was made and seconded and the clerk recorded the vote as "all in favor"; no roll-call breakdown for the vote was recorded in the transcript.

What it means: Adoption of the TEFRA resolution is a required local approval step for tax-exempt bond issuance that enables the developer to access federal low-income housing tax credits and complete the rehabilitation. The project had previously extended affordability covenants and adjusted debt terms to remain eligible.

Next steps: With the council resolution in place the issuer (CSCDA) may proceed with issuance steps required by tax-credit financing and the developer may finalize construction and rehab financing.