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Council holds TEFRA hearing, approves CMFA bond process for Palm Desert Family Housing

Palm Desert City Council · January 9, 2026

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Summary

The council conducted a TEFRA public hearing and approved the California Municipal Finance Authority's request to issue tax-exempt revenue bonds up to $50 million for the Palm Desert Family Housing Project; staff said the city bears no financial obligation for repayment or issuance costs.

The Palm Desert City Council held a TEFRA public hearing Jan. 8 and approved the California Municipal Finance Authority’s plan to issue tax-exempt revenue bonds not to exceed $50 million to support the Palm Desert Family Housing Project at Cook Street and Frank Sinatra Drive.

Ivan Scenario of Development Services summarized the request and noted the bonds would be issued by the CMFA and would not constitute a financial or legal obligation of the city. Jerry Suzuki of the CMFA explained that TEFRA requires a public hearing by the governing body where the proposed tax-exempt financing will arise; he and CMFA staff answered council questions and confirmed the city would not assume repayment or costs of issuance.

There were no public speakers on the item. Council opened and closed the hearing and approved the TEFRA-related action by motion (5-0). Staff said further regulatory and underwriting steps will be handled by the CMFA and the project developer.