Brief

Councilmember Traci Park moved to authorize affordable multifamily rental housing development at 5403 Inglewood Boulevard in Council District 11 using Tax Equity and Fiscal Responsibility Act financing mechanisms. The motion, seconded by Imelda Padilla, passed Council 13-0-2 on April 29, 2026, and was transmitted to the Mayor on May 1. The Mayor did not veto, and the item became final on May 11, 2026.

Full summary

This Council file authorizes a required approval step so that the California Municipal Finance Authority (CMFA) can issue up to $16 million in tax-exempt revenue bonds to finance a 46-unit affordable multifamily rental housing project at 5403 Inglewood Boulevard in Council District 11. The borrower and project owner is 5403 Inglewood LP, a partnership in which HVN Development, LLC serves as general partner. Federal law requires the elected legislative body of the jurisdiction where the project is located to approve any such tax-exempt bond issuance — this Council action satisfies that requirement under Section 147(f) of the Internal Revenue Code. No City funds are pledged to the project, and the City bears no liability for repayment; the bond debt is payable solely from revenues provided by the borrower. As part of the TEFRA process, the CMFA held the required public hearing on July 23, 2025, following a notice published in the Metropolitan News-Enterprise on July 11, 2025. No members of the public appeared or submitted comments at the hearing, which was held by phone and adjourned within ten minutes. The CMFA provided the Council with certified minutes of that hearing, which the Council was asked to review as part of adopting the approving resolution. Councilmember Traci Park introduced the motion on April 17, 2026, with Imelda Padilla as second. The adopted resolution explicitly states that the City's approval does not obligate the City to provide financing, approve permits, advance funds to the CMFA, or take any further action related to the project. The file moved directly to a Council floor vote without committee referral. On April 29, 2026, the full Council adopted the item 13-0-2. The City Clerk transmitted the file to the Mayor on May 1, and after no mayoral action within the allotted period, the item became final on May 11, 2026. The file is now closed, clearing the way for the CMFA to proceed with the bond issuance.

Activity (5)

• 2026-05-11 Council action final.
• 2026-05-01 City Clerk transmitted file to Mayor. Last day for Mayor to act is May 11, 2026.
• 2026-04-29 Council adopted item, subject to reconsideration, pursuant to Council Rule 51.
• 2026-04-24 City Clerk scheduled item for Council on April 29, 2026.
• 2026-04-17 Motion referred to Council.

Documents (4)

• 2026-05-12 Attested Resolution · other
• 2026-05-11 Mayor Concurrence/Council Action · other
• 2026-04-29 Speaker Card(s) · speaker_card
• 2026-04-17 Motion · motion