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Council approves TEFRA hearing finding and resolution to permit tax-exempt bonds for 52-unit Harrington Grove affordable housing
Summary
Council held a TEFRA public hearing and adopted resolution 11,329 approving the issuance of up to $25 million in CMFA exempt facility bonds to finance or refinance Harrington Grove Apartments, a 52-unit rental development for extremely low, very low and low-income households; council clarified the city bears no repayment obligation.
FOLSOM, Calif. — The Folsom City Council on Feb. 25 conducted a TEFRA public hearing and adopted a resolution approving the issuance of tax-exempt revenue bonds by the California Municipal Finance Authority (CMFA) to finance a 52-unit affordable rental development at 791 Harrington Way.
Stephanie Henry of the Community Development Department explained the federal Tax Equity and Fiscal Responsibility Act (TEFRA) requires a public hearing by the jurisdiction where a project financed with…
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