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Council approves $45 million tax-exempt bond for Arrowhead Grove Phase 4
Summary
The San Bernardino City Council held a TEFRA public hearing and voted unanimously to approve up to $45 million in tax-exempt bonds for Arrowhead Grove Phase 4, a 92-unit affordable housing project developed by National Core and financed by the California Statewide Communities Development Authority.
The San Bernardino City Council on April 2 held a Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing and unanimously approved a resolution authorizing the issuance of tax‑exempt bonds not to exceed $45,000,000 to finance Arrowhead Grove Phase 4, a 92‑unit affordable rental project.
The bonds will be issued by the California Statewide Communities Development Authority on behalf of Arrowhead Grove 4 LP. Trina Perez of the city’s housing staff told council the certificate of public approval required by TEFRA allows members of the community to comment on the proposed issuance. Perez said the city is not obligated to repay the bonds; the debt will be repaid from the project’s rental revenue.
Nut graf: The vote moves forward a project partners described as a multi‑agency collaboration between the city, the County of San Bernardino, the Housing Authority of the County of San Bernardino and National Core. City staff said there is no fiscal impact to the city general fund from the bond issuance itself and that the city will return to council in June 2025 for formal commitment of HOME funds tied to the development.
City staff described the project cost as approximately $135,500,000 for the overall development (all phases) and said the city had conditionally committed about $4,900,000 in October 2024; staff characterized the $45 million bond as financing specifically for Phase 4. The development will include a community center with space for health‑related services and nonprofit offices, staff said.
Council member Sanchez moved to approve the resolution; Council member Kanas seconded. The motion passed on a unanimous roll call.
Ending: City staff said the California Statewide Communities Development Authority will serve as issuer and that National Core will act as developer; the housing staff will return to council in June for a separate resolution to commit HOME funds.
