City Council

6.A. Conduit financing for the Clark Terrace Apartments Affordable Housing\nProject\nRECOMMENDATION:\n1) Conduct the public hearing under the requirements of Tax Equity and\nFiscal Responsibility Act (TEFRA) and the Internal Revenue Code of 1986,\nas amended (the “Code”).\n2) Adopt Resolution No. 2023-69, (A) approving the issuance of the\nBonds by the California Municipal Finance Authority (CMFA) for the benefit\nof Clark Terrace LLC, a California limited liability company (the “General\nPartner”), an affiliate of HumanGood Affordable Housing, a nonprofit public\nbenefit corporation (the “Sponsor”), on behalf of Clark Terrace LP, a\nCalifornia limited partnership, or another ownership entity to be formed by\nthe General Partner or another affiliate of the Sponsor (such limited\npartnership or other ownership entity, the “Borrower”), to provide for the\nfinancing of the Project, such adoption is solely for the purposes of\nsatisfying the requirements of TEFRA, the Code and the California\nGovernment Code Section 6500 and following; and (B) authorize the\nMayor or designee thereof to execute the Joint Exercise of Powers\nAgreement with the CMFA.