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11A Public Hearings
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Packet 02072022
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11A Public Hearings
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File Number: 22-049 <br />Goal 56: AFFORDABLE HOUSING CONSERVATION: Encourage the preservation and <br />rehabilitation of the existing affordable housing stock. <br />Policy 56.02 - Rehabilitation of Renter-Occupied Housing Stock <br />Summary of Public Outreach Efforts <br />Prior to a TEFRA hearing, reasonable notice must be provided to the community for an <br />opportunity to speak in favor of or against the use of tax-exempt bonds. Legal requirements for <br />notification of this meeting included notice in The Daily Review on Friday, January 28, 2022. <br />Legal Analysis <br />The City Attorney has reviewed and approved this staff report, resolution and related documents. <br />Fiscal Impacts <br />The Borrower is not requesting any City funding for this project. The Bonds to be issued by the <br />CMFA for the Project will be the sole responsibility of the Borrower, and the City will have no <br />financial, legal, moral obligation, liability or responsibility for the Project or the repayment of the <br />Bonds for the financing of the Project. All financing documents with respect to the issuance of the <br />Bonds will contain clear disclaimers that the Bonds are not obligations of the City or the State of <br />California but are to be paid for solely from funds provided by the Borrower. <br />The Board of Directors of the California Foundation for Stronger Communities, a California <br />non-profit public benefit corporation (the “Foundation”), acts as the Board of Directors for the <br />CMFA. Through its conduit issuance activities, the CMFA shares a portion of the issuance fees it <br />receives with its member communities and donates a portion of these issuance fees to the <br />Foundation for the support of local charities. With respect to the City of San Leandro, it is <br />expected that a portion of the issuance fee attributable to the City (estimated at this time to be <br />approximately $15,000) will be granted by the CMFA to the general fund of the City. Such grant <br />may be used for any lawful purpose of the City. <br />ATTACHMENT(S) <br />Attachment(s) to Staff Report <br />·None <br />Attachment(s) to Related Legislative Files <br />Attached to Resolution: <br />o None <br />PREPARED BY: Tom Liao, Director, Community Development Department <br />Page 4 City of San Leandro Printed on 2/3/2022
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