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Milpitas council approves TEFRA hearing and up to $25M in tax‑exempt bonds for 75 affordable units on California Circle
Summary
The council held a TEFRA public hearing and unanimously approved a resolution allowing the California Municipal Finance Authority to issue tax‑exempt bonds (not to exceed $25M) to finance 75 affordable rental units at 1355 California Circle; the city has no repayment obligation and will receive a modest issuance fee.
The Milpitas City Council on March 3 conducted a TEFRA public hearing and adopted a resolution approving the issuance of tax‑exempt multifamily revenue bonds by the California Municipal Finance Authority for the California Circle Family Apartments project at 1355 California Circle.
Staff and the authority explained the issuance — not to exceed $25 million — would finance acquisition, construction and project improvements for the affordable apartment…
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