AGENDA REPORT
REQUEST FOR CITY COUNCIL ACTION
DATE: 10/17/2018
TO: Honorable Mayor and City Council Members
FROM: Community Development Department
SUBJECT:
Title
Public hearing for City Council consideration of Resolution No. 2018-106, approving the issuance of revenue bonds by the California Statewide Communities Development Authority in an amount not to exceed $55,000,000, for the purpose of financing the acquisition and rehabilitation of 160 multi-family residential apartments generally known as Corona Park Apartments (located at 956 Avenida Del Vista).
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RECOMMENDED ACTION:
Recommended action
That the City Council adopt Resolution 2018-106 approving the issuance of revenue bonds by the California Statewide Communities Development Authority in an amount not to exceed $55,000,000, for the purpose of financing the acquisition and rehabilitation of an affordable rental housing complex (Corona Park Apartments) located at 956 Avenida Del Vista, Corona, California.
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ANALYSIS:
The Corona Park Apartments located at 956 Avenida Del Vista is an existing multiple family residential apartment complex containing 160 for-rent units. Currently, 94 units are set aside as affordable housing units using Section 8 funding from Housing and Urban Development (HUD). The city's General Plan Housing Element shows the 94 affordable units being at risk because the Section 8 funding is set to expire in January 2019. The current property owner, Preservation Partners Development, is proposing to preserve the affordable housing units within the complex by making 158 units (two on-site manager units not included) affordable using new affordable housing revenue bonds. The affordability period would be for 55 years.
A new borrowing entity, Corona Park Preservation Limited Partnership, has been created to acquire the project. The Borrower has requested that the California Statewide Communities Development Authority (CSCDA) serve as the municipal issuer of tax-e...
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