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October 20, 2014 VIC ERGANIAN Deputy Finance Director/City Treasurer

TAX EQUITY AND FISCAL RESPONSIBITY ACT (TEFRA) PUBLIC HEARING RELATED TO THE NORTHWEST MANOR 1 APARTMENTS. October 20, 2014 VIC ERGANIAN Deputy Finance Director/City Treasurer. TEFRA hearing – Huntington Hospital.

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October 20, 2014 VIC ERGANIAN Deputy Finance Director/City Treasurer

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  1. TAX EQUITY AND FISCAL RESPONSIBITY ACT (TEFRA) PUBLIC HEARING RELATED TO THE NORTHWEST MANOR 1 APARTMENTS October 20, 2014 VIC ERGANIAN Deputy Finance Director/City Treasurer

  2. TEFRA hearing – Huntington Hospital • Community Preservation Partners, LLC (the borrower) requested California Statewide Communities Development Authority (CSCDA) to issue $9 million bonds for the acquisition and rehabilitation of the Northwest Manor 1 Apartments. • CSCDA is a Joint Powers Authority with the sole purpose of acting as conduit in financing projects that promote economic development through issuance of bonds.

  3. The project The property provides 44 units of affordable rental housing for very low income persons. The project is not financially assisted or deed-restricted by the City. The proposed acquisition and substantial rehabilitation through the tax exempt financing and tax credits will extend the affordability restriction, which is due to expire in 2015, by 55 years.

  4. TEFRA hearing The local agency in which the project is located is required to be a member of the JPA and approve the bonds and the project for state and federal tax law.

  5. TEFRA hearing The TEFRA hearing is required under Section 147(f) of the Internal Revenue Code. The City of Pasadena does not bear any responsibility for the tax exempt status of the bonds, the debt service on the bonds nor any other matter related to the bonds.

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