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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 council conducted the TEFRA hearing and approved a request for CMFA issuance of tax‑exempt bonds not to exceed $30 million for a 50‑unit senior development. The development will reserve units for retired farm workers and includes supportive programming and partnerships.
JFM Villas Family Apartments (Coachella Valley Housing Coalition): council also approved a request for CMFA issuance of tax‑exempt financing for a 100‑unit family project adjacent to the senior site on Van Buren; the project includes childcare facilities and an allocation of units for farm workers.
Votes and formal actions
Council approved the required resolutions for each financing request. Each resolution passed unanimously, 5‑0.
Why it matters
Indio has been actively pursuing affordable housing through public‑private partnerships and tax‑exempt financing to expand supply for seniors, families and retired farm workers. The projects include community amenities such as a childcare center and are part of a larger Fred Young Labor Center redevelopment that already delivered hundreds of units for farmworker households.
Speakers and proponents
- Pedro S. G. Rodriguez, CEO, Coachella Valley Housing Coalition — described both JFM Villas projects, said the nonprofit has secured critical investor commitments and emphasized childcare and homeownership goals for a portion of the larger site. - Travis Cooper, California Municipal Finance Authority — attended as issuer representative and confirmed CMFA’s role in structuring the financings. - David Rosso, Senior Management Analyst, City of Indio — presented staff background and confirmed that TEFRA public hearings were held.
Process notes
TEFRA (Tax Equity and Fiscal Responsibility Act) requires a public hearing and local legislative acknowledgement when tax‑exempt bonds are issued by a conduit issuer for privately owned projects. City staff emphasized that the borrower — and not the city — will bear repayment responsibility. Council’s resolutions are the formal local action that enables CMFA to issue the bonds; final closing remains subject to lender/investor and CMFA underwriting.
Next steps
Staff and the borrowers said they expect to move toward lender closing and, where applicable, ground‑breaking within the coming months. Council did not appropriate city funds for the projects and has no repayment obligation.
