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Item 42 - Tax Equity Fiscal Responsibility Act (TEFRA) Hearing for First Point I Apartments and Approve TEFRA Resolution
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Item 42 - Tax Equity Fiscal Responsibility Act (TEFRA) Hearing for First Point I Apartments and Approve TEFRA Resolution
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Agenda Packet
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Clerk of the Council
Item #
42
Date
12/20/2022
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TEFRA Hearing for First Point Apartments I <br />December 20, 2022 <br />Page 2 <br />3 <br />1 <br />3 <br />8 <br />The Board of Directors of the California Foundation for Stronger Communities, a <br />California non-profit public benefit corporation, acts as the Board of Directors for the <br />CMFA. Through its conduit issuance activities, the CMFA shares a portion of the <br />issuance fees it receives with its member communities and donates a portion of these <br />issuance fees to the Foundation for the support of local charities. <br />Project Description <br />First Point Apartments I is a new construction project located in Santa Ana on a 3.98- <br />acre site. The project consists of 343 restricted rental units and 3 unrestricted <br />managers’ units. The project will have 26 one-bedroom units, 160 two-bedroom units, <br />84 three-bedroom units and 76 four-bedroom units. The building will be a six-story, <br />wood frame structure on top of a parking podium. Common amenities will include <br />community gathering areas, community rooms, a playground, exercise room, computer <br />room and community laundry facilities. Each unit will have a refrigerator, dishwasher, <br />garbage disposal, range with an oven and covered patio or balcony. This development <br />will provide 343 units of affordable housing for a 55 year period. <br /> <br />FISCAL IMPACT <br />The City received a payment of $928 to hold a TEFRA Hearing for this project that was <br />deposited into the Miscellaneous Revenue account 01102002-53902 TEFRA Hearing <br />Fee. <br />EXHIBIT(S) <br />1. TEFRA Resolution <br />Submitted By: Michael L. Garcia, Executive Director of Community Development <br />Approved By: Kristine Ridge, City Manager
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