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316 North Juanita Avenue / Rousseau Residences Associates / Council District 13 / Multifamily Housing Revenue Bonds / Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA)

Council File 21-0693

Approved — the city has authorized refinancing for Rousseau Residences, a 52-unit supportive housing project. The permanent loan from Freddie Mac replaces the original construction financing, with no cost to the city and affordability protections locked in for 55 years.

Introduced
2021-06-18
Last changed
2026-08-21
Status
open
Expires
2028-08-14
Committee
Housing and Homelessness Committee
Mover
HUGO SOTO­-MARTÍNEZ
Second
NITHYA RAMAN
References
Related Council Files: 21-0697; 21-1207City Administrative Officer Report: 0220-00540-1579;0220-00540-1775

Brief

Councilmember Hugo Soto-Martínez introduced a motion authorizing the Los Angeles Housing Department to issue tax-exempt multifamily revenue bonds for Rousseau Residences, a supportive housing development at 316 North Juanita Avenue in Council District 13. The City and LA Housing Department determined the project qualified for federal tax-exempt bond financing under the Tax Equity and Fiscal Responsibility Act of 1982. Council adopted the motion unanimously in February 2025 (15-0). The file remains open pending Housing and Homelessness Committee action on recent departmental reports submitted in July and August 2026.

Full summary

File 21-0693 authorizes the Los Angeles Housing Department to issue tax-exempt multifamily conduit revenue bonds, or notes, to finance Rousseau Residences, a 52-unit supportive housing project at 316 North Juanita Avenue in Council District 13. Councilmember Hugo Soto-Martínez moved the motion, seconded by Councilmember Nithya Raman. The project consists of 51 studio apartments reserved for individuals experiencing or at risk of chronic homelessness, plus one two-bedroom manager's unit. All 51 residential units are restricted to tenants at or below 50% of area median income. Developer Pacific West Communities, Inc. is the lead developer; social services are provided by The People Concern. The project's total development cost is approximately $31.4 million, or $603,221 per unit, drawing on a layered financing structure that includes Proposition HHH funds, Los Angeles County Development Authority No Place Like Home program money, United to House LA (ULA) accelerator funds, Section 8 project-based vouchers from HACLA, and 4% federal low-income housing tax credit equity. The LAHD first indicated its intent to issue bonds in May 2021. After the California Debt Limit Allocation Committee awarded a $14 million private activity volume cap allocation in August 2021, the City completed its initial TEFRA public hearing and Council adopted the first authorizing resolution in December 2021. The City issued a $14 million Multifamily Housing Revenue Bond (Series 2022E) on February 10, 2022, which funded construction of the now-complete project. The file's current activity concerns a refinancing needed to convert the project from construction to permanent financing. The original $14 million construction bond must be refunded because the terms of the new permanent lender, JLL Real Estate Capital LLC (which will assign the loan to Freddie Mac after closing), differ significantly from the originally contemplated permanent financing. To effect this, LAHD is requesting authority to issue a new tax-exempt Multifamily Housing Revenue Refunding Note (Series 2026G) in an amount not to exceed $7 million. A required TEFRA public hearing was held on July 22, 2026, with no public comment received. The City acts solely as a conduit issuer; repayment of the refunding note is the sole obligation of the borrower entity, Rousseau Residences Associates, and there is no General Fund impact. The permanent loan is expected to bear a fixed rate of approximately 6.06%, amortize over 40 years, and mature in August 2040, after which Freddie Mac will hold the loan. Affordability restrictions will remain in place for 55 years under the amended and restated regulatory agreement, consistent with CDLAC requirements. The City Administrative Officer's August 12, 2026 report recommends Council adopt the TEFRA resolution and authorize LAHD's General Manager to execute all related financing documents. The Housing and Homelessness Committee scheduled the item for its August 19, 2026 meeting; the file remains open until August 14, 2028.

Activity (25)

  • 2026-08-21 Housing and Homelessness Committee waived consideration of item .
  • 2026-08-19 Housing and Homelessness Committee meeting cancelled.
  • 2026-08-14 Housing and Homelessness Committee scheduled item for committee meeting on August 19, 2026.
  • 2026-08-13 City Administrative Officer document(s) referred to Housing and Homelessness Committee.
  • 2026-08-12 Document submitted by City Administrative Officer, dated August 12, 2026.
  • 2026-07-29 Los Angeles Housing Department document(s) referred to Housing and Homelessness Committee.
  • 2026-07-29 Document submitted by Los Angeles Housing Department, dated July 28, 2026.
  • 2025-02-20 Council action final.
  • 2025-02-11 Council adopted item, subject to reconsideration, pursuant to Council Rule 51.
  • 2025-02-07 City Clerk scheduled item for Council on February 11, 2025.
  • 2025-02-04 Motion referred to Council.
  • 2021-12-11 Council action final.
  • 2021-12-03 City Clerk transmitted file to Mayor. Last day for Mayor to act is December 13, 2021.
  • 2021-12-03 Council adopted item forthwith.
  • 2021-11-30 City Clerk scheduled item for Council on December 3, 2021.
  • 2021-11-29 Homelessness and Poverty Committee approved item(s) .
  • 2021-11-24 Homelessness and Poverty Committee scheduled item for committee meeting on November 29, 2021.
  • 2021-11-23 City Administrative Officer document(s) referred to Homelessness and Poverty Committee.
  • 2021-11-23 Document(s) submitted by City Administrative Officer, as follows:City Administrative Officer report 0220-00540-1579, dated November 23, 2021, relative to authorizing the Los Angeles Housing Department to issue tax-exempt multifamily conduit revenue bonds, or notes, for the Rousseau Residences, a supportive housing project.
  • 2021-11-15 Los Angeles Housing Department document(s) referred to Homelessness and Poverty Committee.
  • 2021-11-11 Document(s) submitted by Los Angeles Housing Department, as follows:Los Angeles Housing Department report, dated November 11, 2021, relative to a request for authority to issue a tax-exempt multifamily conduit revenue bond for Rousseau Residences, a supportive housing project.
  • 2021-07-01 Council action final.
  • 2021-06-25 Council adopted item forthwith.
  • 2021-06-21 City Clerk scheduled item for Council on June 25, 2021.
  • 2021-06-18 Motion referred to Council.

Documents (15)

Council votes (1)

  • 2025-02-11 Adopted — 15-0-0 · Regular

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