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Council approves TEFRA hearing and plan of finance for Olive Park Apartments
Summary
Council held a TEFRA hearing and approved a resolution allowing the California Municipal Finance Authority to issue up to $75 million in tax‑exempt multifamily housing revenue bonds for the 199‑unit Olive Park affordable housing project; staff noted total development costs of about $144 million and city participation of $6 million and project‑based vouchers.
The council opened a TEFRA (Tax and Equity Fiscal Responsibility Act) public hearing for financing of Olive Park Apartments and received a staff presentation from Sal Roman of Housing & Neighborhood Services. Roman said the project proposes 199 affordable apartments on a roughly six‑acre site near College Boulevard Sprinter Station, with units targeting 30–80% of area…
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