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Council Authorizes Up to $25 Million in Bonds to Rehab and Preserve Hermosa Village Affordable Housing
Summary
Council approved conduit CMFA bonds allowing up to $25 million in tax-exempt financing to rehabilitate 112 units at Hermosa Village (phase 3); tenants will be offered relocation options with work expected to require 10–60 days for individual units.
The Anaheim City Council approved a resolution authorizing the California Municipal Finance Authority to issue up to $25 million in tax‑exempt conduit bonds to finance substantial rehabilitation of Hermosa Village Phase 3, preserving 112 affordable units and extending affordability for decades.
Staff said the project will rehabilitate interior finishes, kitchens, bathrooms, appliances, energy-efficiency upgrades and accessibility improvements. Some units will require temporary relocation while work is done; staff described a tenant-relocation plan offering stipends, hotel stays covered by the project or temporary moves to comparable on-site units where available. Project managers said most moves will be brief and that the longest relocations (up to about 60 days) will be limited to units requiring full ADA upgrades.
Grace Stepper of Housing & Community Development said the bonds will be repaid from project revenues and will not create a general‑fund obligation for the city. “The city and the housing authority will not have a financial obligation,” staff said. The council adopted the resolution with six ayes and one recorded absence.
Council members praised staff and outreach; residents at a recent community meeting told staff they were aware of the schedule and welcomed the improvements. Council members emphasized the importance of clear tenant notices and coordination to minimize disruption.
The approval enables the use of recycled bond cap through CMFA that was not available via a city issuance. Staff said the rehabilitation will preserve long‑term affordability and address capital needs on aging structures.
