CITY COUNCIL REGULAR MEETING AGENDA 9-15-26

Page 1 of 2 Item #3 CITY COUNCIL AGENDA REPORT September 15, 2026 Community and Economic Development TITLE: ADOPT A RESOLUTION APPROVING THE ISSUANCE BY THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY OF EXEMPT FACILITY BONDS FOR ANTON HACIENDA APARTMENTS SUMMARY Hacienda Pleasanton, L.P. (Borrower) has requested that the California Statewide Communities Development Authority (CSCDA) serve as the municipal issuer of tax-exempt multi-family housing revenue bonds in an aggregate principal amount not to exceed $36,900,000 (Bonds), for Anton Hacienda Apartments (the Property), a 168-unit mixed-income multifamily rental housing community located at 5729 West Las Positas Boulevard in Pleasanton. The Bond proceeds will enable the Borrower to refinance the acquisition and rehabilitation of the Property. BACKGROUND CSCDA is a joint powers authority sponsored by the League of California Cities (League) and the California State Association of Counties (CSAC) to enable local government and eligible private entities access to low-cost, tax-exempt financing for projects that provide a tangible public benefit, contribute to social and economic growth, and improve the overall quality of life in local communities throughout California. CSCDA comprises more than 530 members, including the City of Pleasanton, which has been a member since 1995. The Property was constructed in 2015, and under the Affordable Housing Agreement (AHA) between Hacienda Pleasanton, L.P. and the City, 35 units (21 percent) are restricted to households earning 50 percent of the Area Median Income (AMI). To finance the development of the Property, CSCDA issued $40,000,000 tax-exempt multi-family housing revenue bonds in October 2013 after the City held a Tax Equity and Fiscal Responsibility Act (TEFRA) hearing, pursuant to Section 147(f) of the Internal Revenue Code, to receive public comment and request the Pleasanton City Council, as the "applicable elected representatives" of the jurisdiction in which the project is located, approve the project's Bond financing. DISCUSSION Hacienda Pleasanton, L.P., is now requesting issuance of new tax-exempt facility and refunding bonds for the acquisition and rehabilitation of the Property, which requires a similar TEFRA hearing for the City Council to authorize issuance of the bonds. Pursuant to the requirements of Section 147(f) of the Internal Revenue Code, a virtual public hearing was held by CSCDA on August 27, 2026. No comments were received from the public at the hearing. The proposed refunding Bonds will be fixed-rate, credit-enhanced for 10 years by Fannie Mae. The refunding and reissuance of the Bonds provides the Borrower an interest rate that is approximately 1% lower than with taxable financing. The affordability restrictions on Anton Hacienda will remain in perpetuity. Page 14 of 318