DATE: January 14, 2026
TO: Honorable Mayor and City Councilmembers
FROM: Housing and Neighborhood Services Department
TITLE: APPROVAL OF ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY (CMFA) FOR THE BENEFIT OF OLIVE PARK APARTMENTS I, LP
RECOMMENDATION
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Staff recommends that the City Council:
1) Conduct the public hearing under the requirements of Tax and Equity Fiscal Responsibility Act (TEFRA) and the Internal Revenue Code of 1986, as amended (the "Code"); and
2) Adopt a resolution approving a plan of finance including the issuance of revenue bonds by the California Municipal Finance Authority in an aggregate principal amount not to exceed $75,000,000 to finance and refinance a qualified residential rental project for the benefit of Olive Park Apartments I, LP, a California Limited Partnership (or an affiliate), and certain other matters relating thereto.
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BACKGROUND AND ANALYSIS
In response to a Notice of Funding Availability (NOFA) issued in 2024, the Oceanside City Council, on June 26, 2024, awarded $6 million in funding and 40 Housing Choice Project Based Vouchers (PBVs) and 15 U.S. Department of Housing and Urban Development (HUD) Veterans Affairs Supportive Housing (VASH) vouchers to the proposed 199-unit Olive Park Apartments (the "Project") to assist with the anticipated funding gap for the development and construction of the Project. The City's financial commitment to the Project is conditioned upon the successful application for multifamily housing revenue bonds and the companion Low-Income Housing Tax Credits to fund the majority of the Project's costs.
An application was submitted in September 2025 to the California Debt Limit Allocation Committee (CDLAC), the State bonding authority, and for the companion tax credits. The City's contribution to the Project improves the Project's competitiveness for Bonds and LIHTCs, which is a highly competitive funding source that often receives more requests than t...
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