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Council holds TEFRA hearing and approves CMFA bond issuance for Hancock Terrace Apartments
Summary
At a TEFRA hearing, the council approved a request that the California Municipal Finance Authority issue tax-exempt bonds up to $105 million for the acquisition and rehabilitation of the 205-unit Hancock Terrace Apartments; staff said the city bears no financial obligation.
The Santa Maria City Council on Jan. 20 held a required TEFRA hearing and adopted a resolution supporting a conduit issuance by the California Municipal Finance Authority (CMFA) for Step Up Housing’s Hancock Terrace Apartments project.
Rebecca Campbell, the city’s finance director, said the borrower, Step Up Housing, is a California nonprofit and asked the council to…
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