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Council holds TEFRA hearing and approves tax‑exempt bond issuance for 59‑unit affordable housing project on Stevens Creek Boulevard
Summary
The council conducted a TEFRA public hearing and approved a resolution allowing California Municipal Finance Authority tax‑exempt private activity bonds for a completed 59‑unit affordable rental development at 3941 Stevens Creek Boulevard. The project sponsor is CRP Affordable Housing and Community Development.
The Santa Clara City Council held a Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing required by state law and approved a resolution authorizing the California Municipal Finance Authority to issue tax‑exempt private activity bonds to support a newly constructed, 59‑unit affordable housing development at 3941 Stevens Creek Boulevard.
The developer and borrower listed is CRP Affordable Housing and Community Development; staff said construction is complete and the request is for permanent financing and a minor reissuance of the bond amount to convert construction financing to permanent debt. Afsha Hamid, the city’s community development director, told council the action is procedural and "does not make the city responsible for the project financially or otherwise." The required TEFRA hearing provides the public an opportunity to comment on use of tax‑exempt financing for the project.
Action and outcome: After a brief staff presentation and no public speaker requests, council closed the TEFRA hearing and voted to adopt the resolution approving issuance of up to $50 million in tax‑exempt private activity bonds by the California Municipal Finance Authority for the benefit of CRP Affordable Housing and Community Development.
What this does—and does not—do: The TEFRA approval allows the bond issuer to proceed; it does not obligate the city to back the bonds. Staff said the project remains the responsibility of the project sponsor and bond holders; the city’s action is a common procedural step to facilitate permanent tax‑exempt financing for affordable housing projects.
