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Council approves TEFRA hearing resolution for mobile‑home project; staff says city has no repayment obligation
Summary
The Salinas City Council adopted a TEFRA resolution allowing the California Municipal Finance Authority to issue tax‑exempt revenue bonds for a multi‑jurisdiction affordable housing financing that includes the Franciscan Town & Country mobile‑home site in Salinas.
The Salinas City Council adopted a resolution on Tuesday making findings required under the federal Tax Equity and Fiscal Responsibility Act (TEFRA) to allow the California Municipal Finance Authority (CMFA) to issue tax‑exempt revenue bonds for a statewide affordable-housing financing package that includes a Salinas mobile‑home project.
A. Pedrosa, acting assistant finance director, told the council the CMFA seeks authority to issue up to $87,000,000 of tax‑exempt revenue bonds to finance acquisition and improvements across multiple jurisdictions; the Salinas property involved was described in…
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