DATE: June 27, 2017
TO: Mayor and City Council
FROM: Library and Community Services Director
SUBJECT
Title
Public TEFRA Hearing as Required by the Internal Revenue Code of 1986, and Adoption of a Resolutions Authorizing: a) the Re-Issuance of a Tax-Exempt Multifamily Note, b) an Amendment to the Construction and Permanent Loan Agreement; and, c) Related Actions in Connection with the Hayward Four Affordable Apartments
End
RECOMMENDATION
Recommendation
That the City Council:
a) Conducts a public hearing to consider the re-issuance of the Tax-Exempt Multifamily Housing Revenue Note to reimburse unanticipated project costs related to certain affordable housing developments known as Hayward Four Affordable Apartments (the "Project"), owned by Eden Housing, Inc. (Eden), and its affiliates.
b) Adopts the attached resolution (Attachment II): i) approving the use of tax-exempt bond proceeds to reimburse unanticipated project costs related to the Project; and ii) approving the re-issuance of Tax-Exempt Multifamily Housing Revenue Note for purposes of Section 147(f) of the Internal Revenue Code of 1986; and iii) approving an amendment to the Construction and Permanent Loan Agreement.
c) Adopts the attached resolution approving the amendment to the Hayward Four Loan Agreement to clarify the approved financing for the Project (Attachment III).
That the Housing Authority:
a) Adopts the attached resolution approving the amendment to the Hayward Four Loan Agreement to clarify the approved financing for the Project (Attachment IV).
End
ATTACHMENTS
Attachment I Staff Report
Attachment II Resolution Approving the Reissuance of Note
Attachment III City Resolution Approving Amendment to Hayward Four Loan Agreement
Attachment IV Housing Authority Resolution Approving Amendment to Hayward Four Loan Agreement