Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Affordable Housing Finance topic
No spam. Unsubscribe anytime.
Council approves supplemental $7.5M TEFRA steps for Seabreeze Gardens rehab
Summary
Council and the Housing Authority approved measures to pursue a supplemental $7.5 million tax‑exempt bond allocation to cover unforeseen rehabilitation costs at Seabreeze Gardens; staff said rehabilitation is roughly 79% complete and additional funds will support structural, ADA and solar upgrades.
The City Council and the Housing Authority approved staff recommendations on July 22 to take final steps toward issuing up to $7.5 million in supplemental tax‑exempt multifamily revenue bonds for the Seabreeze Gardens rehabilitation project (item 3 30 and HA2).
Housing finance staff said the $7.5 million request responded to unforeseen structural and electrical repairs discovered during rehabilitation. Jennifer Kreuter, vice president of multifamily housing finance, said the project — a 362‑unit garden‑style affordable complex in Chollas Valley — is substantially complete and that the supplemental funds are needed to preserve eligibility for 4% tax credits and to finish essential upgrades including solar panels, structural repairs, and upgraded electrical systems.
Developer representatives told council the additional funds would allow them to install solar to offset common‑area electricity and a portion of residential usage and to provide free internet service to residents. Staff said solar installation timing may push some work into 2026, while most rehabilitation remains on schedule for completion this year.
Councilmember Foster moved to adopt staff recommendations; Councilmember Ilo Rivera seconded, and both the council and the housing authority approved the TEFRA and related actions unanimously (with district absences noted in the roll call). The action does not by itself commit the housing authority to issue bonds but proceeds toward final issuance steps.
What’s next: staff will proceed with the bond issuance steps and schedule; developer and housing staff will return with final bond documents and timelines.
