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Board holds TEFRA hearing and votes to join CalPFA for Placer Creek affordable apartments' bond financing
Summary
The Board conducted a TEFRA hearing and adopted resolutions allowing membership in the California Public Finance Authority so up to $37 million in tax‑exempt bonds can be issued to finance 168 affordable units at Placer Creek; staff said county membership carries no fiscal liability and bonding is required to pair with 4% low‑income housing tax credits.
Placer County held a Tax and Equity Fiscal Responsibility Act (TEFRA) hearing Aug. 19 to consider up to $37 million in tax‑exempt bond financing for the 168‑unit Placer Creek Affordable Apartments at Baseline Road and Westbrook Boulevard. County housing staff explained the bonds will be issued by the California Public Finance Authority (CalPFA) and are required to pair with 4% low‑income housing tax credits.
Staff emphasized that county membership in CalPFA is procedural and carries no county financial liability for repayment of the bonds; CalPFA’s administrative fee sharing with the local agency is minimal (about $1,800 as described). The project developer, St. Anton Communities (via Placer Creek Affordable LP), intends to proceed with construction; the developer was awarded a CDLC allocation and plans to break ground shortly. After the public hearing (no public commenters), the board adopted the requested resolutions to allow CalPFA membership and bond issuance to proceed.
