city of Chula Vista

File #: 15-0672    Name: Multifamily Housing Revenue Bonds for Millenia Affordable Housing Projects Volta and Duetta
Type: Action Item Status: Passed
In control: City Council
On agenda: 3/8/2016 Final action:
Title: CONSIDERATION OF THE ISSUANCE OF TAX-EXEMPT OBLIGATIONS WITH RESPECT TO THE 123-UNIT VOLTA SENIOR HOUSING PROJECT AND 87-UNIT DUETTA HOUSING PROJECT IN THE MILLENIA COMMUNITY A. HA RESOLUTION NO. 2016-001 OF THE CHULA VISTA HOUSING AUTHORITY AUTHORIZING THE ISSUANCE OF ITS TAX-EXEMPT MULTIFAMILY HOUSING REVENUE NOTE AND ITS JUNIOR MULTIFAMILY HOUSING REVENUE BONDS IN A CUMULATIVE AND AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $21,700,000 AND ITS TAXABLE MULTIFAMILY HOUSING REVENUE NOTE IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $1,700,000 FOR THE PURPOSE OF FINANCING THE ACQUISITION AND CONSTRUCTION OF THE VOLTA APARTMENT HOMES MULTIFAMILY RENTAL HOUSING PROJECT; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF ANY AND ALL DOCUMENTS NECESSARY TO ISSUE THE NOTES AND BONDS, COMPLETE THE TRANSACTION AND IMPLEMENT THIS RESOLUTION, AND RATIFYING AND APPROVING ANY ACTION HERETOFORE TAKEN IN CONNECTION WITH THE BONDS B. HA RESOLUTION NO. 2016-002 OF THE CHULA VISTA HOUSING AUTH...
Sponsors: Leilani Hines
Attachments: 1. Item 5 - Resolution A (Volta Apartments Homes).pdf, 2. Item 5 - Resolution B (Duetta Apartment Homes).pdf, 3. Item 5 - Attachment 1 Locator Map, 4. Item 5 - Attachment 2 - Bond Regulatory Agr (Volta Apt Homes).pdf, 5. Item 5 - Attachment 3 - Bond Regulatory Agr (Duetta Apt Homes).pdf, 6. Item 5 - Attachment 4 - Loan Agreement (Volta Apt Homes).pdf, 7. Item 5 - Attachment 5 - Loan Agreement (Duetta Apt Homes).pdf, 8. Item 5 - Attachment 6 - Funding Loan Agreement (Volta Apt Homes).pdf, 9. Item 5 - Attachment 7 - Funding Loan Agreement (Duetta Apt Homes).pdf, 10. Item 5 - Attachment 8 - Junior Indenture (Volta Apartment Homes 2016B-3).pdf, 11. Item 5 - Attachment 9 - Junior Indenture (Duetta Apartment Homes).pdf, 12. Item 5 - Attachment 10 - Junior Loan Agreement (Volta Apt. Homes 2016B-3).pdf, 13. Item 5 - Attachment 11 - Junior Loan Agreement (Duetta Apt Homes 2016A-2).pdf, 14. Item 5 - Presentation
Related files: 14-0684, 15-0539
Title
CONSIDERATION OF THE ISSUANCE OF TAX-EXEMPT OBLIGATIONS WITH RESPECT TO THE 123-UNIT VOLTA SENIOR HOUSING PROJECT AND 87-UNIT DUETTA HOUSING PROJECT IN THE MILLENIA COMMUNITY

A. HA RESOLUTION NO. 2016-001 OF THE CHULA VISTA HOUSING AUTHORITY AUTHORIZING THE ISSUANCE OF ITS TAX-EXEMPT MULTIFAMILY HOUSING REVENUE NOTE AND ITS JUNIOR MULTIFAMILY HOUSING REVENUE BONDS IN A CUMULATIVE AND AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $21,700,000 AND ITS TAXABLE MULTIFAMILY HOUSING REVENUE NOTE IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $1,700,000 FOR THE PURPOSE OF FINANCING THE ACQUISITION AND CONSTRUCTION OF THE VOLTA APARTMENT HOMES MULTIFAMILY RENTAL HOUSING PROJECT; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF ANY AND ALL DOCUMENTS NECESSARY TO ISSUE THE NOTES AND BONDS, COMPLETE THE TRANSACTION AND IMPLEMENT THIS RESOLUTION, AND RATIFYING AND APPROVING ANY ACTION HERETOFORE TAKEN IN CONNECTION WITH THE BONDS

B. HA RESOLUTION NO. 2016-002 OF THE CHULA VISTA HOUSING AUTHORITY AUTHORIZING THE ISSUANCE OF ITS TAX-EXEMPT MULTIFAMILY HOUSING REVENUE NOTE AND ITS JUNIOR MULTIFAMILY HOUSING REVENUE BONDS IN A CUMULATIVE AND AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $19,400,000 AND ITS TAXABLE MULTIFAMILY HOUSING REVENUE NOTE IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $1,200,000 FOR THE PURPOSE OF FINANCING THE ACQUISITION AND CONSTRUCTION OF THE DUETTA APARTMENT HOMES MULTIFAMILY RENTAL HOUSING PROJECT; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF ANY AND ALL DOCUMENTS NECESSARY TO ISSUE THE NOTES AND BONDS, COMPLETE THE TRANSACTION AND IMPLEMENT THIS RESOLUTION, AND RATIFYING AND APPROVING ANY ACTION HERETOFORE TAKEN IN CONNECTION WITH THE BONDS

Body
RECOMMENDED ACTION
Recommended Action
Authority adopt the resolutions.

Body
SUMMARY
On October 13, 2015, the City Council and the City's Housing Authority approved the use of Multifamily Housing Bonds for the financing of the development and construction of a low income ...

Click here for full text