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Preliminary Bond Authorization for Keeler Court Development - San Diego Housing Commission

The San Diego Housing Commission recommends the issuance of tax-exempt Multifamily Housing Revenue Bonds for the Keeler Court development. This proposal includes the approval of steps, bond inducement resolution, application to CDLAC, and the authorization of necessary documents.

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Preliminary Bond Authorization for Keeler Court Development - San Diego Housing Commission

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  1. San Diego Housing Commission Preliminary Bond Authorization for Keeler Court January 11, 2019 Colin Miller Vice President, Housing Finance Real Estate Division Tina Kessler Housing Programs Manager Real Estate Division

  2. SDHC – Keeler Court Partnership Development Recommendations • That the San Diego Housing Commission (Housing Commission) recommend that the Housing Authority of the City of San Diego (Housing Authority): • 1. Approve the following steps to issue tax-exempt Multifamily Housing Revenue Bonds for Keeler Court • Issue a bond inducement resolution for up to $25,000,000 • Authorize an application to the California Debt Limit Allocation Committee (CDLAC) • Approve a financing team of Kutak Rock, LLP as Bond Counsel and PFM as Financial Advisor • 2. Authorize the Executive Vice President & Chief of Staff, or designee, to execute any and all documents necessary to implement the transaction in a form approved by General Counsel and/or Bond Counsel. San Diego Housing Commission Slide #2

  3. SDHC – Keeler Court Partnership Development Recommendations (Continued) That the Housing Commission recommend that the San Diego City Council (City Council): Hold a Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing and adopt a resolution approving the Housing Authority’s issuance of tax-exempt Multifamily Housing Revenue Bonds in an amount of up to $25,000,000. San Diego Housing Commission Slide #3

  4. SDHC – Keeler Court Partnership Development Location Map San Diego Housing Commission Slide #4

  5. SDHC – Keeler Court Partnership Development Site Rendering by BNIM San Diego Housing Commission Slide #5

  6. SDHC – Keeler Court Partnership Development Site Rendering by BNIM (Continued) San Diego Housing Commission Slide #6

  7. SDHC – Keeler Court Partnership Development Developer’s Request • Issue up to $25,000,000 of tax-exempt Multifamily Housing Revenue Bonds • Authorize an Inducement Resolution • Hold a Tax Equity Responsibility Act Public Hearing • No SDHC loan funds are requested for this rehabilitation. San Diego Housing Commission Slide #7

  8. SDHC – Keeler Court Partnership Development Development Team Summary San Diego Housing Commission Slide #8

  9. SDHC – Keeler Court Partnership Development Estimated Sources & Uses of Financing • Estimated Total Development Cost Per Unit (for 71 Units) = $502,711 San Diego Housing Commission Slide #9

  10. SDHC – Keeler Court Partnership Development Affordability & Estimated Rents San Diego Housing Commission Slide #10

  11. SDHC – Keeler Court Partnership Development Development Timeline San Diego Housing Commission Slide #11

  12. SDHC – Keeler Court Partnership Development Questions? San Diego Housing Commission Slide #12

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