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Board approves TEFRA resolution to allow tax‑exempt financing for Mercy Housing project in Pacifica
Summary
Supervisors held and closed a required TEFRA (TERA) public hearing and approved a resolution allowing the California Municipal Finance Authority to issue up to $1 million in tax‑exempt bonds for Mercy Housing California to refinance/rehabilitate a 42‑unit affordable project at 903 Oceana Blvd, Pacifica.
The San Mateo County Board of Supervisors on April 7 opened and closed a required public hearing under the federal tax rules (TEFRA/TERA) and approved a resolution that satisfies the legal notice and approval requirements for California Municipal Finance Authority to issue up to $1 million of tax‑exempt debt to assist Mercy Housing California with a 42‑unit residential rental project at 903 Oceana Boulevard in Pacifica.
County counsel explained the action is procedural: the bonds would be issued by CMFA and are the borrower’s sole responsibility; the county would not incur repayment obligations or issuance costs and will not be financially responsible for the bonds. The resolution is intended to satisfy Internal Revenue Code and state requirements for public hearing and board approval.
Public comment included one citizen speaker who opposed the use of tax‑exempt financing on constitutional grounds; the board closed the hearing and approved the resolution by roll call vote.
Next steps: CMFA and Mercy Housing will proceed with their issuance filings and project refinancing. County staff note that all financing documents will disclaim county responsibility for repayment.
