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Council holds TEFRA hearing, approves CMFA bond issuance for rehabilitation of 48-unit affordable complex
Summary
After a required TEFRA public hearing, the Calistoga City Council adopted a resolution on April 30 consenting to the issuance of up to $27 million in tax‑exempt revenue bonds by the California Municipal Finance Authority to refinance and rehabilitate a 48‑unit affordable housing development at 38 Brandon Street; the city assumes no repayment obligation.
The Calistoga City Council conducted a Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing on April 30 regarding proposed tax‑exempt revenue bonds (not to exceed $27,000,000) to finance acquisition, rehabilitation and equipping of a multifamily rental development at 38 Brandon Street in Calistoga.
Jared Suzuki of the California Municipal Finance Authority explained TEFRA requires a public hearing by the jurisdiction in which a project financed with tax‑exempt debt is located. Suzuki said the bonds would be issued by CMFA for the borrower (Bridge…
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