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Council approves TEFRA hearings for three affordable housing projects totaling about 378 units
Summary
The council held and approved three TEFRA hearings — Aspire Apartments (88 units), Cypress Place at Garden City Phase 2 (60 units) and Lockwood 3 (234 units) — enabling developers to pursue tax‑exempt bond financing; staff said bond issuance historically yields modest interest savings (roughly 1–2 percentage points).
The City Council conducted the federally required TEFRA public hearings and adopted resolutions supporting tax‑exempt bond issuance for three affordable housing projects in Oxnard.
Housing Director Brenda Lopez explained that TEFRA (Tax Equity and Fiscal Responsibility Act) public hearings are a procedural requirement when developers seek tax‑exempt bonds; the City is…
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