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Council approves TEFRA hearings for three affordable housing projects totaling about 378 units

Oxnard City Council · April 22, 2026

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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 not financially liable for the bonds. For Aspire Apartments, the council conducted the TEFRA hearing and adopted the resolution authorizing the plan of finance. For Cypress Place at Garden City Phase 2, a representative from People’s Self‑Help Housing said tax‑exempt bonds typically deliver roughly 1 to 2 percentage points of interest savings versus conventional construction financing, although recent market conditions have narrowed that benefit. For Lockwood 3, staff noted a typographical correction to a slide but confirmed project financing details in the staff report.

A housing‑advocacy speaker urged council support, noting the three projects would add hundreds of low‑income rental homes (the speaker estimated the three projects combined would create about 378 affordable units). No speakers appeared in opposition during the hearings. Council voted 6–0 on each TEFRA resolution.

Council members asked developers about the magnitude of savings and emphasized the housing need; staff reiterated that the City’s role in TEFRA is procedural and does not create municipal liability for the bond issuances.