Council approves resolution for CMFA bonds to finance 699 Ignacio Valley Road affordable housing (Civic Crossing)

The Walnut Creek City Council on April 15 adopted a resolution approving the issuance of tax‑exempt revenue bonds by the California Municipal Finance Authority (CMFA) in an amount not to exceed $65,000,000 to finance acquisition and construction for an affordable rental project at 699 Ignacio Valley Road, referred to in staff materials as Civic Crossing.

Jennifer Yamas, the city housing analyst, introduced the item and said the hearing was conducted pursuant to the federal Tax Equity and Fiscal Responsibility Act (TEFRA) and California Government Code procedures for joint powers authority bond issuances. Jared Suzuki, financial advisor with CMFA, explained that the issuer is a joint powers authority that helps local governments and nonprofit organizations issue tax‑exempt and taxable debt; he emphasized that the city bears no legal or financial obligation for repayment and that bond documents include a disclaimer that repayment is not an obligation of the city.

The resolution approves CMFA’s proposed issuance of bonds for the benefit of RCD Housing (RCDGP LLC / YVR LP) to finance a qualified residential rental project of up to 93 units, with a not‑to‑exceed bond amount of $65 million. City staff reported a financial closing date scheduled for May 15, 2025 and said construction would start shortly thereafter.

Council members voted unanimously to adopt the resolution. The record indicates the city’s action was solely to satisfy TEFRA public‑hearing requirements; the project’s financing and construction will proceed under CMFA and the project sponsor’s schedules. Norma Guzman, project manager for Civic Crossing, was in the chamber to answer project‑specific questions if needed.