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Council holds TEFRA hearings and approves tax‑exempt bond issuances for two multifamily projects
Summary
Council held TEFRA public hearings and adopted resolutions allowing the California Municipal Finance Authority to issue tax‑exempt bonds (not to exceed $115M and $35M) for two USA Properties Fund projects; the city confirmed it bears no repayment obligation.
The Rockland City Council hosted two Tax Equity and Fiscal Responsibility Act (TEFRA) public hearings April 14 for projects sponsored by USA Properties Fund and asked the council to adopt resolutions required by federal tax rules.
Management analyst Megan Bresson outlined the first TEFRA request for WJU 719 LP, a 324‑unit multifamily project, where the California Municipal…
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