Brief

Councilmember Traci Park introduced a motion to approve an affordable multifamily rental housing project at 11939-11947 Culver Boulevard in Council District 11. The project utilized Tax Equity and Fiscal Responsibility Act (TEFRA) financing mechanisms. Council voted 13-0-2 to adopt the motion on April 29, 2026, and the Mayor took no action, allowing it to become final on May 11, 2026.

Full summary

This file concerns the City Council's required approval of up to $15 million in tax-exempt bonds to finance a 73-unit affordable multifamily rental housing project at 11939-11947 Culver Boulevard in Council District 11. The borrower, 11939-11947 Culver LP, a California limited partnership with HVN Development LLC as general partner, requested that the California Municipal Finance Authority (CMFA) issue the bonds under Section 142(a)(7) of the Internal Revenue Code, which authorizes tax-exempt financing for qualified residential rental projects. Federal law requires that the elected representatives of any jurisdiction where such a project is located formally approve the bond issuance, making Council action a legal prerequisite rather than a discretionary policy choice. As part of the TEFRA process, CMFA conducted a public hearing on March 17, 2026, with notice published in the Metropolitan News-Enterprise a week prior. No members of the public appeared or submitted comments, and the hearing was adjourned without testimony. The CMFA also needs proof of a completed TEFRA hearing to satisfy the California Debt Limit Allocation Committee's requirements. Critically, no City funds are pledged to the project and the City bears no liability for repayment; the bonds are payable solely from revenues provided by the borrower. Councilmember Traci Park moved the matter on April 17, 2026, asking the Council to review the TEFRA hearing minutes and adopt a resolution formally approving the CMFA bond issuance. Councilmember Monica Rodriguez seconded. The full Council voted 13-0-2 in favor on April 29, 2026. The adopted resolution explicitly limits the City's obligations, stating that approval neither commits City funds nor requires the City to take any further planning or permitting action on the project. The file became final on May 11, 2026, after the Mayor did not act within the statutory deadline.

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 (3)

• 2026-05-11 Mayor Concurrence/Council Action · other
• 2026-04-29 Attested Resolution · other
• 2026-04-17 Motion · motion