MOTION (BLUMENFIELD - JURADO) and RESOLUTION relative to the issuance of revenue bonds for the 395-unit multifamily rental housing project located at 21010 Vanowen Street in Council District Three (CD 3).

This item concerns the issuance of revenue bonds, not to exceed $80,000,000, for a 395-unit multifamily rental housing project located at 21010 Vanowen Street in Council District 3. The California Municipal Finance Authority (CMFA) is the conduit issuer, and the City Council is approving the issuance to comply with federal tax law (TEFRA). The bonds will be repaid solely by the project's revenues, and the City incurs no liability. A TEFRA public hearing was held on February 3, 2026, with no public comments received. The City Council is adopting a resolution to approve the bond issuance.

This approval allows for the financing of a 395-unit multifamily rental housing project, which is expected to increase the housing supply in Council District 3. The City itself is not liable for the bond repayment.

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