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Council approves $14M tax‑exempt bond support for 96‑unit Sol Vista affordable housing project
Summary
The council held a TEFRA hearing and approved resolutions authorizing up to $14 million in tax‑exempt multifamily housing revenue notes for the 96‑unit Sol Vista affordable housing development; building permits have been issued and construction is scheduled to start next month.
The council conducted a TEFRA (Tax Equity and Fiscal Responsibility Act) public hearing for the Sol Vista affordable‑housing project and adopted a resolution authorizing the issuance of tax‑exempt bonds as conduit issuer for the Chula Vista Housing Authority.
Brian Warwick, housing manager, said CDLAC awarded the $14 million bond award and explained the financing structure: tax‑exempt multifamily revenue bonds paired with 4% federal tax credits. The project, to be developed by Baldwin and Sons as an in‑house general contractor, includes 96 income‑restricted units (30–70% AMI) as part of a larger mixed‑use master plan approaching 600 units with commercial space. Staff noted building permits were issued in March and construction is poised to begin the next month.
The council adopted the city resolution conducting the TEFRA hearing and later, in the authority role, the Housing Authority approved the issuance and associated documents; both votes passed unanimously.
Ending: With the council and housing authority approvals, the financing mechanics are in place and construction is scheduled to proceed under the terms described; staff and bond counsel remain available to finalize closing documents.
