TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: David Chantarangsu, AICP, Development Services Director
PREPARED BY: Carl Stiehl, City Planner
SUBJECT:
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Financing for Viscar Terrace Apartments Vista Murrieta Affordable Housing Project
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RECOMMENDATION
recommendation
Conduct a Public Hearing under the requirements of the Tax and Equity Fiscal Responsibility Act (TEFRA) and the Internal Revenue Code of 1986, (IRS Code) as amended; and
Adopt Resolution No. 25-4814 entitled: A Resolution of the City Council of the City of Murrieta, California, Approving the Issuance by the California Municipal Finance Authority of the Exempt Facility Bonds in an Aggregate Principal Amount Not to Exceed $70,000,000, for the Purpose of Financing or Refinancing the Acquisition, Construction, Improvement and Equipping of Viscar Terrace Apartments.
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PRIOR ACTION/VOTE
None.
CITY COUNCIL GOAL
Plan, program and create infrastructure development.
BACKGROUND
The Viscar Terrace Apartments is an approved housing project with 172 units which will be restricted to occupancy by low-income residents spread across five buildings (Project) located at 40475 Vista Murrieta (Property). The Project was approved by staff on June 18, 2024, utilizing the ministerial Development Plan approval process adopted with the Multi-Family Residential Objective Design Standards (ODS) by the City Council in 2023. Following approval, the developer subsequently applied to the State for and was awarded low-income tax credits in December 2024. The project is being developed by the same team that funded and built the Monamos Terrace Apartments, which is near full occupancy at this time.
The Project is located within the Transit Oriented Development (TOD) Overlay Area (See Attachment 3), and the Property is designated in the City's Housing Element to help the City meet its Regional Housing Needs Allocation (RHNA) for lower-income households. The development of the TOD Overl...
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