Brief

Councilmember Heather Hutt moved approval of a TEFRA allocation for a multifamily rental housing development at 1035 Crenshaw Boulevard in Council District 10. TEFRA (Tax Equity and Fiscal Responsibility Act of 1982) authorizes tax-exempt bond financing for affordable housing projects. Council adopted the motion unanimously 12-0 on April 29, 2026, with three abstentions. The matter was transmitted to the Mayor on May 1 with a May 11 deadline for mayoral action.

Full summary

This file authorizes the California Municipal Finance Authority (CMFA) to issue up to $25 million in tax-exempt revenue bonds to finance the acquisition, construction, improvement, and equipping of a 71-unit affordable multifamily rental housing project at 1035 Crenshaw Boulevard in Council District 10. The borrower, 1035 Crenshaw Court, LP, is a partnership in which Arden Development, Inc. serves as general partner. Under federal tax law, the City must formally approve bond issuances for projects within its jurisdiction before the bonds can qualify as tax-exempt, which is the core function this file performs. The CMFA held the required TEFRA public hearing on January 22, 2026, with notice published in the Metropolitan News-Enterprise on January 13, 2026. No members of the public appeared or submitted comments at the hearing. Councilmember Heather Hutt introduced the motion on April 22, 2026, attaching both the TEFRA hearing minutes and a resolution for Council adoption. The resolution makes clear that the City bears no financial liability: bond repayment is solely the borrower's responsibility, the City pledges no funds, and adopting the resolution does not obligate the City to provide any financing, approve any permits, or take any further action related to the project. Council voted 12-0-3 on April 29, 2026, to adopt the resolution as amended, subject to reconsideration under Council Rule 51. The file was transmitted to the Mayor on May 1, 2026, and the matter became final on May 4, 2026. With Council approval in hand, CMFA can now provide proof to the California Debt Limit Allocation Committee that the required TEFRA hearing and local approval process have been completed, allowing the bond issuance to move forward.

Activity (5)

• 2026-05-04 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 as amended, subject to reconsideration, pursuant to Council Rule 51.
• 2026-04-24 City Clerk scheduled item for Council on April 29, 2026.
• 2026-04-22 Motion referred to Council.

Documents (5)

• 2026-05-04 Mayor Concurrence/Council Action · other
• 2026-05-04 Attested Resolution · other
• 2026-04-29 Amending Motion (Hutt - Harris-Dawson) · other
• 2026-04-29 Speaker Card(s) · speaker_card
• 2026-04-22 Motion · motion