The City will host a Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing on February 22, 2022, to approve the issuance of up to $45 million in California Municipal Finance Authority (CMFA) tax exempt bonds The bond financing will allow for the acquisition, rehabilitation, and conversion to affordable housing of The Lakes Apartments, a 102-unit, 55-year old multi-family complex, by Integrity Housing, a California non-profit.
NOTICE IS HEREBY GIVEN that on February 22, 2022, a public hearing as required by Section 147(f) of the Internal Revenue Code of 1986 (the “Code”), will be held with respect to a proposed plan of financing providing for the issuance by the California Municipal Finance Authority (the “Agency”) of qualified 501(c)(3) bonds, as defined in Section 145 of the Code, for a residential rental project in one or more series issued from time to time, including bonds issued to refund such qualified 501(c)(3) bonds in one or more series from time to time, in an amount not to exceed $45,000,000 in aggregate principal amount (the “Bonds”). The proceeds of the Bonds will be used by IH Lakes Concord LLC with Affordable Housing Alliance II, Inc., dba Integrity Housing as the sole member (the “Borrower”) to: (1) finance the acquisition, rehabilitation, improvement, equipping, and conversion to affordable housing of The Lakes Apartments, a 102-unit multifamily rental housing project located at 1818, 1819 & 1850 Laguna Street, Concord, California (the “Project”); and (2) pay certain expenses incurred in connection with the issuance of the Bonds.
The Project will be owned and operated by the Borrower which is an organization described in Section 501(c)(3) of the Code. The Bonds and the obligation to pay principal of and interest thereon and any redemption premium with respect thereto do not constitute indebtedness or an obligation of the Agency, the State of California or any political subdivision thereof, within the meaning of any constitutional or statutory debt limitation, or a charge against the general credit or taxing powers of any of them. The Bonds shall be a limited obligation of the Agency, payable solely from certain revenues duly pledged therefor and generally representing amounts paid by the Borrower.
NOTICE IS HEREBY FURTHER GIVEN that the City Council of the City of Concord will hold a PUBLIC HEARING by teleconference/electronically via Zoom on this matter as required by Section 147(f) of the Internal Revenue Code of 1986 (the “Code”), on Tuesday, February 22, 2022, at 6:30 p.m. (or as soon thereafter as the matter can be heard) at which time and place interested persons may appear and be heard. The Zoom webinar information:
Webinar ID: 821 1098 9369
By phone toll free: 888475 4499 or 877 853 5257
Pursuant to AB 361, the City is authorized to hold public meetings via teleconferencing and to make public meetings accessible telephonically or otherwise electronically to all members of the public, without making available any physical location for the public.
All those interested in matters relating to the issuance of the Bonds and the financing of the acquisition and rehabilitation of the Project are invited to attend and be heard at the meeting. If you have any questions or would like to submit written comments regarding the matter, please contact the City Clerk at (925) 671-3390. If you require this notice in an appropriate alternative format, or seek any other disability accommodation, please contact the ADA Coordinator at (925) 671-3243.