Municipal Bond Finance
MUNICIPAL BOND FINANCE
The City of Los Angeles, through the Los Angeles Housing + Community Investment Department (HCIDLA), acts as the primary issuer of tax-exempt and taxable multi-family housing bonds for qualified developments located in the City of Los Angeles. The City maintains the role of primary issuer in view of the potentially substantial impact of housing development projects to the neighborhood, and citizens of the City of Los Angeles.
BOND ISSUANCE PROCESS
The City Bond Policies were adopted in April 2005. They are currently being revised. The new policies will be posted once they have been finalized.
The following is HCIDLA's process:
- Receive and review of Inducement/TEFRA checklist items (expected from Borrower 60 days
prior to CDLAC application deadline)
- Conduct Borrower "compliance review"
- If compliance review is cleared, prepare Inducement Letter
- Begin TEFRA approval (publish date, conduct hearing, Council approval)
- Review CDLAC application (expected from Borrower 30 days prior to CDLAC application
- Prepare Final Bond Documentation
- Secure and close all other financing
AFFORDABLE HOUSING PRESERVATION
HCIDLA is pleased to announce the posting of the Recapitalization Policies adopted by the City Council for Affordable Housing developments requesting a bond allocation with 4% tax credits. These policies reflect the changes that have been made in response to public comments received by HCIDLA on the previous draft.
AFFORDABLE HOUSING BOND PROGRAM CONTACTS
For questions or comments, please contact the Bond Unit via email at email@example.com.