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Council adopts TEFRA resolution to enable up to $16 million in tax‑exempt financing for 59‑unit senior housing
Summary
The council approved a TEFRA hearing resolution clearing the way for up to $16 million in CMFA tax‑exempt bonds to finance a 59‑unit senior affordable development at 830 West Bonita Ave; staff said the City bears no repayment obligation and will receive an issuance fee share.
The Claremont City Council adopted a resolution at a TEFRA hearing to allow the California Municipal Finance Authority to issue exempt facility bonds not to exceed $16,000,000 for development of a 59‑unit senior affordable housing project at 830 West Bonita Ave.
Why it matters: Finance Director Jeremy Starkey told the council the project would split units…
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