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Council approves publication for tax‑exempt bond financing for two affordable housing projects
Summary
After public hearings, the council approved publication of tax‑exempt revenue bonds for two affordable housing projects (Nido Apartments and Apple Valley), each within previously authorized aggregate limits; staff said the bonds will not create general‑fund liability and Council votes were unanimous among present members.
The Santa Rosa City Council held TEFRA hearings and voted to approve the publication of tax‑exempt revenue bond issuances for two affordable‑housing projects.
For the Nido Apartments financing (item 16.1), Ángela Morgan of the Housing Department explained the request to re‑authorize up to $5 million in tax‑exempt bond issuance within an earlier $55 million authorization. The Nido project is proposed at 850 Russell Avenue and includes 206 rental units with a mix of income‑restricted levels: 30 units at 30% AMI, additional units at 50% and 60% AMI, and two manager units. Staff said the action to publish bonds does not create a general‑fund liability; the borrower would be responsible for financing. After a public hearing and staff presentation, Councilmember Rogers moved, a colleague seconded, and the motion to publish the bonds passed with five affirmative votes (Mayor Stap and Councilmember Fleming were absent at the time of roll call).
On the Apple Valley (item 16.2) hearing, staff presented a proposed multi‑family affordable development in west Santa Rosa (project details provided) and requested a TEFRA hearing and publication for an authority issuance not to exceed the staff‑recommended principal amount (staff cited a $40 million principal amount in the presentation). As with the prior item, staff stated the proposal would not affect the general fund and that responsibility rests with the borrower. The Council approved publication after the public hearing and a 5–0 vote of members present.
Staff noted both matters were procedural TEFRA hearings to allow pubic comment and to clear a required step for tax‑exempt bond financings. No fiscal exposure to the city’s general fund was reported as part of either action.
