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Murrieta approves TEFRA resolution for $40 million in CMFA bonds for 126 affordable units
Summary
Council adopted a TEFRA resolution allowing the California Municipal Finance Authority to issue up to $40 million in tax‑exempt bonds for the Kensington Apartments project, 126 affordable units; staff stressed the debt will be the borrower's responsibility and not an obligation of the city.
The Murrieta City Council unanimously adopted a TEFRA resolution required for tax‑exempt financing of the Kensington Apartments, a proposed 126‑unit affordable housing project on Washington and South Magnolia.
City Planner Carl Steele summarized the proposal and the financing structure: the applicant has requested that the California Municipal Finance…
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