Board approves tax-exempt bond reissuance for Rancho Sierra affordable housing
March 03, 2026 | Ventura County, California
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The Ventura County Board of Supervisors adopted a resolution March 3 approving the issuance of tax-exempt bonds by the California Municipal Finance Authority for Rancho Sierra Apartments, a 50-unit affordable housing development near Camarillo.
Housing Solutions Director Tracy McCauley said construction finished last fall and the developer, Many Mansions, leased the property quickly, housing more than 100 households to date across the project portfolio and placing 24 households who had been experiencing homelessness into new units at Rancho Sierra. McCauley said a technical reissuance was necessary because federal tax-code changes and an extension to the permanent loan conversion deadline required the financing to be treated as a new issuance even though it is a technical reissuance of the same bonds.
No public comments were registered for the TEFRA hearing; the board adopted the resolution by unanimous vote.
The board's action does not obligate the county financially; the resolution is a required procedural step for tax-exempt bond financing under federal rules. County staff said the developer and bond counsel were present via Zoom to answer technical questions.
Next steps: the California Municipal Finance Authority will proceed with issuance in compliance with federal tax rules and the financing timetable agreed with the developer.
Housing Solutions Director Tracy McCauley said construction finished last fall and the developer, Many Mansions, leased the property quickly, housing more than 100 households to date across the project portfolio and placing 24 households who had been experiencing homelessness into new units at Rancho Sierra. McCauley said a technical reissuance was necessary because federal tax-code changes and an extension to the permanent loan conversion deadline required the financing to be treated as a new issuance even though it is a technical reissuance of the same bonds.
No public comments were registered for the TEFRA hearing; the board adopted the resolution by unanimous vote.
The board's action does not obligate the county financially; the resolution is a required procedural step for tax-exempt bond financing under federal rules. County staff said the developer and bond counsel were present via Zoom to answer technical questions.
Next steps: the California Municipal Finance Authority will proceed with issuance in compliance with federal tax rules and the financing timetable agreed with the developer.
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