Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Affordable Housing topic
No spam. Unsubscribe anytime.
Council completes TEFRA hearing for developerproposal to rehab 368-unit Creek at 2645; bond inducement to return next month
Summary
SHRA and developer Art House Partners presented a TEFRA hearing for the Creek at 2645 apartments: Art House seeks up to $100 million in tax-exempt conduit bonds to acquire and rehabilitate a 368-unit development with 314 units to be income-restricted at about 80% AMI; staff said a final bond inducement will return next month after SHRA completes due diligence.
The council held a Tax Equity and Fiscal Responsibility Act (TEFRA) hearing for the proposed acquisition and rehabilitation of the Creek at 2645 apartments. SHRA staff explained this will be a two-step bond process and that the agency is comfortable holding the TEFRA hearing now while finishing due diligence and third-party reviews for a final bond inducement in May.
Developer and project details: Art House Partners (developer) said it seeks the issuance of tax-exempt conduit bonds not to exceed $100 million to acquire and rehabilitate a 368-unit multifamily development northeast of Truxell and El Camino. SHRA staff said the proposed affordability mix would restrict about 314 units (approximately 85 percent of the property) to households earning roughly 60% to 80% of area median income; the remaining units would be market-rate.
Rehab and operations: Exterior and interior upgrades are planned — balcony repairs, roof and HVAC work, kitchen updates and flooring — with capital improvements projected to be completed within 36 months of bond issuance. The developer confirmed AMC Property Management would be the property manager and said resident services would be provided through an on-site services platform (Project Access), with additional coordination with Stanford Settlement.
City fiscal note: SHRA emphasized these are conduit bonds with no financial obligation to the city or SHRA general fund; a private purchaser would underwrite the bonds. Staff noted SHRA is continuing third-party reviews and will return next month with final bond documents and a welfare-tax-exemption determination.
Outcome: The council closed the TEFRA hearing and moved the project forward for final review and a later vote on the bond inducement and associated approvals.
