HomeMy WebLinkAboutItem 7a. Tway and Amini - Staff Agenda CorrespondenceCity of San Luis Obispo, Council Memorandum
City of San Luis Obispo
Council Agenda Correspondence
DATE: September 15, 2026
TO: Mayor and Council
FROM: Timmi Tway, Community Development Director
Prepared By: David Amini, Housing Coordinator
VIA: Whitney McDonald, City Manager
SUBJECT: ITEM #7a. - TAX EQUITY AND FISCAL RESPONSIBILITY ACT (TEFRA)
HEARING REGARDING THE ISSUANCE OF A TAX-EXEMPT DEBT
OBLIGATION TO FINANCE CONSTRUCTION OF 60 AFFORDABLE
HOUSING UNITS FOR SENDERO APARTMENTS LOCATED AT 165
CESSNA COURT
Staff received the following question regarding the tax-exempt bond financing. The
questions are below with staff’s response shown in italics:
1) Does the $14,000 issuance fee mentioned on the last page of the staff report
go straight into the general fund usually or do we historically set it aside for
affordable housing or something related?
The City’s attributable portion of the California’s Municipal Finance Authority’s
issuance fee, estimated to be $14,000, will be deposited into the City’s Affordable
Housing Fund (AHF) during the project’s financial closing, currently scheduled for
October. Revenue received in the Affordable Housing Fund is used to support the
City’s housing goals, policies, and programs, primarily through awarding loans to
new affordable housing projects. All AHF loans are approved by Council.