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Housing project staff present TEFRA hearing for Aspire Apartments; $25 million tax-exempt bonds proposed
Summary
A city housing official told the City Council that Aspire Apartments has applied for up to $25,000,000 in tax-exempt bonds through the California Municipal Finance Authority to finance an 88-unit affordable rental project at 536–538 Meta Street; staff recommended the council conduct the required TEFRA hearing and adopt a resolution.
David Metchas, project manager with the Oxnard City Housing Department, presented a Tax Equity and Fiscal Responsibility Act hearing on behalf of the Aspire Apartments project, saying the developer has applied for up to $25,000,000 in tax-exempt exempt facility bonds from the California Municipal Finance Authority.
"The Aspire Apartments project has applied for issuance of $25,000,000 of exempt facility bonds from the California Municipal Finance Authority, CMFA," Metchas said, describing the financing as intended to "finance and refinance the acquisition, construction, and development of the project." He added, "there is no city obligation or liability arising from state bond issuance."
Staff said the proposed development would be a multifamily rental building at 536 through 538 Meta Street in Oxnard, comprising 88 units including one manager unit. According to Metchas, the units are planned for households with incomes roughly between 30 and 60 percent of the Ventura County area median income. Construction is estimated to start in 2026 and finish in 2028.
Metchas identified Many Mansions as the project's developer and administrative general partner and named Aspire Apartments LP as the borrower that applied for the tax-exempt bonds. He told the council the TEFRA hearing is a federal requirement to allow community input so the bonds can qualify as tax-exempt financing.
As a next step, staff recommended the City Council "conduct a Tax Equity and Fiscal Responsibility Act hearing" and adopt a resolution approving a plan of finance that would authorize the CMFA to issue or reissue exempt facility bonds in an aggregate principal amount not to exceed $25,000,000 for the benefit of Aspire Apartments LP or an affiliate.
The presentation concluded with no council vote or formal action recorded in the transcript.
