Council holds TEFRA hearing, approves tax‑exempt refinancing for Clear Lake Apartments

The City Council of Clearlake on the evening’s agenda held a Tax Equity and Fiscal Responsibility Act hearing and approved a resolution allowing the California Statewide Communities Development Authority to issue tax‑exempt multifamily housing revenue bonds for the Clear Lake Apartments.CSCDA managing director James Hamill, appearing by Zoom, told the council the action is a routine federal and local requirement tied to the tax code and the joint powers authority that oversees issuance. “This is merely a perfunctory requirement of the tax code and of our jpa,” he said.Hamill said the $8 million cap on bonds would refinance the existing ownership’s loan after the 15‑year period and finance rehabilitation work on a 72‑unit multifamily property. He estimated about $60,000 of improvements per unit and said the refinancing would extend affordability for another 55 years.Councilman Kramer moved to adopt Resolution 2021‑54 approving the bond issuance for the Clear Lake Apartments; Councilwoman Overton seconded the motion, which passed on a voice vote. The staff report and Hamill emphasized the city bears no liability under the CSCDA financing, calling the hearing a public disclosure required by federal law.The council took no additional conditions on the resolution. The item will proceed through the CSCDA and bond closing processes as required by state and federal rules.