Laserfiche WebLink
City of San Leandro <br />Meeting Date: February 7, 2022 <br />Staff Report <br />Agenda Section:File Number:22-049 PUBLIC HEARINGS <br />Agenda Number:11.A. <br />TO:City Council <br />FROM:Fran Robustelli <br />City Manager <br />BY:Tom Liao <br />Community Development Director <br />FINANCE REVIEW:Susan Hsieh <br />Finance Director <br />TITLE:Staff Report for Resolution Approving the Issuance of California Municipal <br />Finance Authority Qualified 501(c)(3) Bonds in an Aggregate Principal Amount <br />Not to Exceed $70,000,000 for the Purpose of Financing or Refinancing the <br />Acquisition, Rehabilitation, Improvement and Equipping of Metro 77 & 85 <br />Apartments Located at 77-85 Estabrook Street, San Leandro, CA (by a <br />Nonprofit, Integrity Housing, for Conversion to Primarily Affordable Rental <br />Housing) <br />SUMMARY AND RECOMMENDATIONS <br />IH Metro San Leandro LLC with Affordable Housing Alliance II, Inc ., dba Integrity Housing as the <br />sole member (the “Borrower”) recently requested the City conduct a public hearing under the Tax <br />and Equity Fiscal Responsibility Act (“TEFRA”) in connection with the proposed issuance of <br />revenue bonds by the California Municipal Finance Authority (the “CMFA”), a joint exercise of <br />powers authority and public entity of the State of California, in an amount not to exceed <br />$70,000,000, (the “Bonds”), to assist in financing or refinancing the acquisition, rehabilitation, <br />improvement and equipping of a multifamily rental housing project (known as Metro 77 & 85 <br />Apartments) located at 77-85 Estabrook Street, San Leandro, California (the "Project"). The <br />Borrower is not requesting any City funding assistance for this Project. <br />Metro 77 & 85 Apartments currently contain 146 total rental housing units that are all market rate . <br />The revenue bond financing will enable the Borrower to acquire the Project and convert 75%, or <br />110 units, to long term affordable rental housing for low and very low income households. The <br />remaining 25% of the units will remain market rate. <br />Staff recommends that the City Council: <br />1) Conduct the public hearing under the requirements of TEFRA and the Internal Revenue Code <br />of 1986, as amended (the “Code”). <br />Page 1 City of San Leandro Printed on 2/3/2022