Public Hearing: Financing for Village Avante Apartment Renovations

Original title: TAX AND EQUITY FISCAL RESPONSIBILITY ACT (TEFRA) HEARING AND CONDUIT FINANCING FOR REHABILITATION OF VILLAGE AVANTE (PARK PLACE) APARTMENTS AFFORDABLE HOUSING PROJECT

Record date · March 1, 2017

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What This Bill Does

The City Council is holding a public hearing regarding the use of to support the rehabilitation of the Village Avante (formerly Park Place) affordable housing project. This process, known as a hearing, is a federal requirement for projects seeking tax-exempt bond financing.

Why it matters

The City Council is reviewing a proposal to authorize tax-exempt financing for the renovation of the Village Avante apartments, which will determine the project's ability to proceed with affordable housing improvements.

Who It Affects

Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.

Directly affected

Village Avante residents

The residents will be impacted by the scope and timeline of the planned rehabilitation of their housing complex.

Directly affected

Housing developers

The developers are seeking approval for tax-exempt bond financing to fund the renovation project.

Key Facts

The City Council is conducting a TEFRA public hearing for the Village Avante affordable housing project.
The project is also referred to as Park Place apartments.
The hearing is a prerequisite for the issuance of conduit financing for the rehabilitation of the property.
The file number for this legislative action is 17-113.

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The item was formally introduced on February 16, 2017.

Frequently Asked Questions

What is a TEFRA hearing?

A hearing is a public hearing required by the Tax Equity and Fiscal Responsibility Act of 1982 to allow community members to comment on the issuance of tax-exempt private activity bonds for projects like affordable housing.

What is conduit financing?

is a method where a government entity issues bonds on behalf of a private borrower (like a housing developer) to provide lower-cost financing, with the borrower responsible for repaying the debt.

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