Belmont council approves TEFRA hearing and resolution for The Ridge at Ralston

The Belmont City Council voted 4–0 on April 28 to adopt a resolution required by a TEFRA hearing that clears the way for tax-exempt conduit financing for The Ridge at Ralston, a proposed multifamily affordable housing project at 678 Ralston Avenue.

Toby Lieberman, the city’s housing and economic development manager, told the council the project was approved by Belmont in May 2024 and received a $1,000,000 city funding commitment in May 2025. The Ridge at Ralston has secured low-income housing tax credits, and the developer applied for approximately $24,000,000 in tax-exempt bonds; the TEFRA hearing is an IRS requirement for conduit issuers such as the California Municipal Finance Authority (CMFA).

"The proposed bonds are not an obligation of the city," Lieberman said, explaining that the city has no legal, financial or administrative responsibility for the debt. Jared Suzuki of the CMFA, speaking on Zoom, reiterated that the city would have no repayment obligation and made himself available for follow-up questions.

No members of the public spoke on the item. After the hearing closed, the council moved and seconded the staff recommendation and approved the resolution 4–0.

The vote clears the statutory public-hearing step so the issuer can proceed with issuing conduit bonds on the market; the council record notes that the bonds, if sold, will fund construction and that CMFA acts as the conduit issuer. The city’s prior funding commitment remains separate from the proposed bond financing.

Next steps: staff and the issuing authority will proceed with the conduit financing process; any future requests for direct city funds or land use approvals would return to council for separate action.