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Oceanside council approves TEFRA resolution clearing way for 240‑unit Sonterra affordable conversion
Summary
The City Council held a TEFRA hearing and voted 5‑0 to approve a resolution supporting up to $105 million in tax‑exempt bonds from the California Municipal Finance Authority to finance acquisition and rehabilitation of the Sonterra multifamily complex at 3851 Sherborne Drive and convert most units to restricted affordable housing.
Oceanside City Council unanimously adopted a resolution Dec. 17 approving the issuance of tax‑exempt bonds, not to exceed $105,000,000, through the California Municipal Finance Authority (CMFA) to finance the acquisition and rehabilitation of the Sonterra multifamily property at 3851 Sherborne Drive.
Salvador Grama, senior management analyst with the housing and neighborhood services department, told the council the project covers an existing 240‑unit apartment community and uses bond financing to secure affordability commitments. "In total, the…
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