In addition, HACLA is authorized to request and to issue private activity bonds. In 2019, the California Debt Limit Allocation Committee (CDLAC) conferred upon HACLA the authority to apply for private activity bond allocations and to issue such bond allocations on a conduit basis—HACLA as Issuer.
The conduit bond program is a relatively new program for HACLA, and its initial conduit bond issuance was successfully executed in October 2020. To date, HACLA has issued conduit bonds in support of four affordable multifamily housing developments. In aggregate, $118 million of tax-exempt private activity bonds were applied for, allocated, structured, documented and issued. HACLA’s conduit bond program has successfully achieved private activity bond allocations equal to 100% of the bond allocation amount requested. In addition to the $118 million of tax-exempt private activity bonds, HACLA simultaneously issued $19 million of taxable debt (taxable tails) in conjunction with the issuance of tax-exempt debt.
HACLA’s conduit bond program operates independently. Our conduit bond program is not subject to the control, supervision, sponsorship or policies of another affordable housing conduit bond issuer operating within HACLA geographic service region.
HACLA is not a member, participant or sponsor of any Joint Powers Authority engaged in, or pursuing, debt issuance relative to multifamily housing development.
HACLA is actively pursuing creative financing structures to address the city’s housing crisis, including workforce housing bond issuance and equity and debt partnership financing structures.
NOTICE OF PUBLIC HEARING:
Public Hearing on Private Activity Multifamily Housing Revenue Bonds for Multifamily Housing Projects
Wednesday, February 22, 2023 at 11:00 A.M.
Please join the hearing from your computer, tablet or smartphone.
You can also dial in using your phone.
Access Code: 696-525-925
United States (Toll Free): 1 866 899 4679
HACLA’s Capital and Debt team welcomes inquiries and feedback on its financing structures. Please feel free to contact us below: