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Council clears tax‑exempt bond TEFRA hearing to finance rehabilitation of 125‑unit Sereno Village Apartments
Summary
By unanimous vote the council approved a TEFRA hearing that allows the California Municipal Finance Authority to issue revenue bonds (up to $20 million) for Eden Housing’s renovation of Sereno Village; the project restarts affordability restrictions for another 55 years and imposes an indemnity on the borrower so the city bears no liability.
The City Council held a Tax Equity and Fiscal Responsibility Act (TEFRA) hearing and approved a resolution consenting to the California Municipal Finance Authority’s issuance of tax‑exempt revenue bonds not to exceed $20 million on behalf of Eden Housing for the rehabilitation of Sereno Village Apartments, a 125‑unit affordable property at 750 Serena Drive.
City staff and CMFA…
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