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 the Vista Heights Apartments Affordable Housing Project
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ABSTRACT
The Vista Heights Apartments Affordable Housing Project was approved by staff in 2025, as required by state law. Subsequently the project developer applied to the California Municipal Finance Authority (CMFA) for bond financing. The City Council must conduct a public hearing so that CMFA may issue bonds for the housing project.
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. 26-4930 entitled: A Resolution of the City Council of the City of Murrieta, California, Approving the Issuance by the California Municipal Finance Authority Exempt Facility Bonds in an Aggregate Principal Amount Not to Exceed $42,000,000 for the Purpose of Financing or Refinancing the Acquisition, Construction, Improvement and Equipping of Vista Heights Apartments and Certain Other Matters Relating Thereto.
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PRIOR ACTION/VOTE
None.
STRATEGIC ALIGNMENT
The City Council's goal of planning, programming and creating infrastructure development is associated with this administrative priority.
DISCUSSION
On March 12, 2025, the Development Services Department approved a 214-unit multi-family housing development for low-income households (Project) at 40740 and 40720 Vista Murrieta and 25342 Jackson Avenue (Property). Subsequently, Vista Murrieta Housing LP (Borrower), in partnership with American Neighborhood Housing (Developer), applied to the California Municipal Finance Authority (CMFA), a state-wide joint powers authority (JPA), whose members are numerous public entities in the State to request financing for the Project.
The Property is designated in the...
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