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Oxnard council approves TEFRA actions to advance three affordable housing projects
Summary
The council held TEFRA hearings and adopted resolutions enabling CMFA tax‑exempt bond financing for Aspire Apartments (88 units, up to $25M), Cypress Place Phase 2 (60 units, up to $20M) and Lockwood 3 (234 units, up to $70M); council noted modest interest-rate savings and voted 6–0 on each item.
The Oxnard City Council on Tuesday held tax‑equity and fiscal responsibility (TEFRA) hearings and adopted resolutions to permit tax‑exempt bond financing for three affordable‑housing developments in the city.
Housing Director Brenda Lopez explained the hearings are procedural requirements that allow the California Municipal Finance Authority (CMFA) to issue or reissue exempt‑facility bonds for projects located in Oxnard; the city is not a party to the financings and assumes no liability. The council heard three separate items: Aspire Apartments (an…
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