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 Municipal Bond Finance

 

The City of Los Angeles, through the Los Angeles Housing Department (LAHD), 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.
 
The public benefit must conform to all federal and state requirements for tax-exempt multi-family housing bonds. The City’s Multi-family Bond Policies and Procedures adhere to the Financial Policies of the City, which can be viewed at the City Administrative Office’s (CAO) website. Pursuant to a City Council Motion, all projects funded with a housing bond allocation are required that the higher of prevailing wage or living wage, whichever is higher, be paid and be included as a requirement for developers.
 
Bond Issuance Process
 
Intake
- Submit Inducement/ TEFRA checklist items (60 days prior to CDLAC application deadline)
- Conduct "background compliance" review
- If compliance review is cleared, prepare Inducement Letter
- Begin TEFRA approval (publish date, conduct hearing, Council approval)
 
Application
- Submit CDLAC application (30 days prior to CDLAC application deadline)
- LAHD staff to review prior to submittal to CDLAC
 
Issuance
- Prepare Final Bond Documentation
- Secure and close all other financing
 
Documents (please download)
 
 
Recapitalization of Existing LAHD loans
If you are proposing to recapitalize an existing LAHD loan(s) along with the resyndication of the project. Please refer to the Recapitalization Policies.
 
Affordable Housing Preservation
If your project has an existing HUD Section 8 contract or has an existing affordability agreement that will expire within 5 years, please see the Affordable Housing Preservation Program link for more details. http://lahd.lacity.org/lahdinternet/AHPPHomepage/tabid/462/language/en-US/Default.aspx
 
Useful Links:
 
For questions or comments, please contact Yaneli Ruiz at (213) 808-8951 or via email at yaneli.ruiz@lacity.org
 
last changed 3/22/2013
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