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 Jefferson 82 Apartments Affordable Housing Project
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ABSTRACT
The Jefferson 82 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 funding. The City must conduct a public hearing in order for the bonds to be released.
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. 26-4929 entitled: A Resolution of the City Council of the City of Murrieta Approving a Plan of Finance of the California Municipal Finance Authority to Issue and Reissue Revenue Bonds for a Qualified Residential Rental Project for the Benefit of Mirka Jefferson LLP or an Affiliate Thereof, 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
In January 2022, the project applicant submitted a project to the City of Murrieta (City) for 100% affordable housing for very-low-income residents at 25185 Jefferson Avenue (Property), with 82 multi-family rental units (Project). On May 16, 2025, the Director of Development Services approved the Project. Subsequently, Mirka Jefferson, LP, a California limited partnership (Borrower), submitted an application to the CMFA, a Statewide joint powers authority (JPA) whose members are numerous public entities in the State, to request financing for the Project. For context, the City Council approved bond financing through the CMFA for three (3) affordable housing p...
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