HomeMy WebLinkAbout04-04-2017 Item 18, Codron. ' Council Memorandum
w
r -
COUNCIL MEETING:
ITEM NO.:
DATE: March 30, 2017
TO: City Council
FROM: Michael Codron, Community Development Director
Jenny WisemanAkcting Housing Programs Manager
VIA: Katie Lichtig, ' t Manager
RECEIVED
MAR 3 0 2017
SLO CI - CLERK
SUBJECT: Removal of Item 18 (PI -12) from the April 4, 2017 Council Agenda
The Housing Authority of San Luis Obispo (HASLO) has requested the Tax and Equity Fiscal
Responsibility Act (TEFRA) Hearing on the April 4th Council agenda be continued to a date
uncertain in the Fall or Winter of 2017.
Due to the recent tax credit market uncertainty and loss in value of tax credits, HASLO will need
to obtain significant public funding sources to make the Courtyard at the Meadows project
financially feasible and be competitive for Low Income Housing Tax Credits. They hope to
apply for HOME funds in the Fall, which could delay construction of the project until later in
2018. Since the TEFRA bond issuance approvals are only valid for one year, HASLO will
request a future Council date for a TEFRA hearing within a closer range of their construction
date.
Please contact Jenny Wiseman at (805) 781-7010 or jwisemaiiki)sloci ty.or with any questions.