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File Number: 22-049 2)Adopt the resolution approving the issuance of the Tax Exempt Bonds by the CMFA for the benefit of the Borrower, to provide for the financing of the Project, such adoption is solely for the purposes of satisfying the requirements of TEFRA, the Code and the California Government Code Section 6500 (and following). The Borrower is not seeking any City funding assistance. BACKGROUND The Borrower requested that the CMFA serve as the municipal issuer of the Bonds in an aggregate principal amount not to exceed $70,000,000 of tax-exempt revenue bonds. The proceeds of the Bonds will be used to finance or refinance the acquisition, rehabilitation, improvement and equipping of a multifamily rental housing project (known as Metro Apartments 77-85) located at 77-85 Estabrook Street. The Metro Apartments 77-85 were built in 1963 and 1967, respectively, and contain 146 total rental units. The unit mix for the property is: ·6 - studios ·88 - 1 bed/1 bath ·23 - 2 bed/ 1 bath ·27 - 2 bed/2 bath ·2 - 3 bed/2 bath In order for all or a portion of the Bonds to qualify as tax -exempt bonds, the City of San Leandro must conduct a public hearing (the “TEFRA Hearing”) providing for the members of the community an opportunity to speak in favor of or against the use of tax -exempt bonds for the financing of the Project. Prior to such TEFRA Hearing, reasonable notice must be provided to the members of the community. Following the close of the TEFRA Hearing, an “applicable elected representative” of the governmental unit hosting the Project must provide its approval of the issuance of the Bonds for the financing of the Project. The CMFA was created on January 1, 2004 pursuant to a joint exercise of powers agreement to promote economic, cultural and community development, through the financing of economic development and charitable activities throughout California. To date, over 300 municipalities, including the City of San Leandro, have become members of CMFA. The City joined the CMFA in 2004. CMFA most recently issued revenue bonds for two existing affordable rental housing projects in San Leandro: Fargo Senior Center in 2012 and Las Palmas Apartments in 2015. The CMFA was formed to assist local governments, non -profit organizations and businesses with the issuance of taxable and tax -exempt bonds aimed at improving the standard of living in California. The CMFA’s representatives and its Board of Directors have considerable experience in bond financings. Analysis The Borrower (dba Integrity Housing) is based in Irvine, California. Integrity Housing is a 501(c)(3) nonprofit and originally began in 1993 as Affordable Housing Alliance II, Inc. (AHA). In 2010, AHA rebranded to Integrity Housing. Presently, Integrity Housing’s housing inventory is in California, Page 2 City of San Leandro Printed on 2/3/2022