Oxnard-- The city council, Tuesday, April 5, ratified the issuance of Exempt Facility Bonds for the Homeless Solutions Center.
The resolution allows the city to utilize up to $32 million in exempt facility bonds from the California Statewide Communities Development Authority (“CSCDA”) for a qualified residential rental project pursuant to the Internal Revenue Code to finance the acquisition, rehabilitation, and development of multifamily rental housing at 241 West Second Street, Oxnard.
Housing Department Compliance Manager Carl Lawson presented the TEFRA (Tax Equity Fiscal Responsibility Act), a federal law that must be followed when a state issues tax-exempt bonds for housing development.
“Tonight’s TEFRA hearing involves the developer, Community Development Partners, applying with the state for the issuance of $32 million of tax-exempt multifamily housing revenue; with those bonds to be issued by the California Statewide Community Development Authority, not by the city,” he said.
He said whenever a developer seeks a bond issued by a statewide authority, the local government is required to conduct a public hearing so the community can provide input on issuing the bond.
“The project will provide 55 units of permanent supportive housing and 100 shelter beds for low-income and extremely low-income persons,” he said.…
