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115 East 3rd Street / Affordable Housing / Council District 14 / Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA)

Council File 26-1196

Approved — the City cleared the way for $20 million in tax-exempt bonds to finance conversion of the St. George Hotel into 70 affordable housing units. The Council voted unanimously, and the measure is now with the Mayor for final sign-off.

Introduced
2026-08-25
Last changed
2026-09-18
CFMS file status
File closed See note on file status
Expires
2028-09-16
Mover
YSABEL JURADO
Second
CURREN D. PRICE

This is the City Clerk's status for the council file itself, not the outcome of the measure. A file often stays open after the Council has already adopted an item. The summary above reflects the latest recorded action.

Brief

Councilmember Ysabel Jurado moved to authorize Tax Equity and Fiscal Responsibility Act (TEFRA) financing for an affordable housing development at 115 East 3rd Street in Council District 14. The motion was introduced August 25, 2026, continued once, and adopted by Council on September 16 with a 14-0-1 vote. The file is now with the Mayor for final action; deadline is September 28, 2026.

Full summary

This motion, introduced by Councilmember Ysabel Jurado and seconded by Councilmember Curren D. Price Jr., authorizes the California Municipal Finance Authority (CMFA) to issue up to $20 million in tax-exempt revenue bonds to finance the rehabilitation and improvement of the St. George Hotel at 115 East 3rd Street in Council District 14. The project, developed by 115 E 3rd LP — a partnership in which Hope for an Affordable LA is the general partner — will convert the building into a 70-unit affordable multifamily housing development, with 69 affordable units and one manager unit. No City funds are pledged to the project; the bonds are repayable solely from revenues provided by the borrower, and the City bears no liability for repayment. Federal law requires the City to formally approve bond issuances for projects within its jurisdiction. As part of that process, CMFA held a required TEFRA public hearing on April 9, 2026, with notice published in the Los Angeles Daily News on April 2, 2026. No members of the public submitted comments at that hearing. The Council's action — adopting a resolution approving the bond issuance — satisfies the federal approval requirement under Section 147(f) of the Internal Revenue Code and allows CMFA to provide proof of the hearing to the California Debt Limit Allocation Committee. The resolution explicitly states that its adoption does not obligate the City to provide any financing, planning approvals, permits, or other support for the project beyond this bond authorization. The motion was referred to Council on August 25, 2026, scheduled for September 1, then continued to September 16 to allow additional coordination. On September 16, the full Council voted 14-0-1 to adopt the TEFRA resolution. The file was transmitted to the Mayor on September 18, with a deadline of September 28, 2026 for mayoral action. Council action is recorded as final.

Activity (7)

  • 2026-09-18 Council action final.
  • 2026-09-18 City Clerk transmitted file to Mayor. Last day for Mayor to act is September 28, 2026.
  • 2026-09-16 Council adopted item, subject to reconsideration, pursuant to Council Rule 51.
  • 2026-09-01 Council adopted item, subject to reconsideration, pursuant to Council Rule 51.
  • 2026-09-01 Council continued item to September 16, 2026 .
  • 2026-08-28 City Clerk scheduled item for Council on September 1, 2026.
  • 2026-08-25 Motion referred to Council.

Documents (3)

Council votes (2)

  • 2026-09-16 Adopted — 14-0-1 · Regular
  • 2026-09-01 Adopted to Continue — 11-0-4 · Regular

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