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Indio council approves tax‑exempt bond measures to finance three affordable housing projects
Summary
City Council approved TEFRA hearings and passed unanimous council resolutions supporting tax‑exempt CMFA bond issues for three affordable housing developments: Avenue 44 (80 units), JFM Villas Senior (50 units) and JFM Villas Family (100 units).
The Indio City Council on the evening of the March meeting conducted required TEFRA public hearings and approved council resolutions acknowledging proposed tax‑exempt bond financing for three separate affordable housing projects.
The projects and key points
Avenue 44 Apartments (Pacific West Communities): staff presented a request that the California Municipal Finance Authority (CMFA) issue tax‑exempt bonds not to exceed $50 million to support an 80‑unit multifamily affordable housing project on the north side of Avenue 44 west of Golf Center Parkway. City staff reminded the council that the borrower assumes the obligation for repayment; the city bears no legal or financial responsibility for the debt.
JFM Villas Senior Apartments (Coachella Valley Housing Coalition): the…
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