Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Millbrae Council approves tax-exempt bonds for 97-unit Broadway affordable housing after union protests
Summary
The Millbrae City Council on March 11 approved a California Municipal Finance Authority plan to issue tax-exempt bonds to finance a 97-unit affordable housing project at 1301 Broadway, 5-0, after weeks of public comment from construction unions pressing for wage and health-care guarantees.
The Millbrae City Council on March 11 unanimously authorized the California Municipal Finance Authority (CMFA) to issue tax-exempt bonds for a 97-unit affordable housing project at 1301 Broadway. The vote to approve the TEFRA (tax-exempt financing) authorization was 5-0.
The City’s action allows CMFA to proceed with an allocation the state awarded for tax-exempt debt in the amount the developer cited during the hearing. Community Development Director Andy Mogensen described the hearing’s purpose as limited to authorizing the bond issuance and said “the debt to be issued by the CMFA is the sole responsibility of the borrower” and will not obligate Millbrae taxpayers.
Why it matters: The project is 100 percent affordable housing located on a transit corridor. Supporters say the financing will move 97…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
