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.
BOND ISSUANCE PROCESS
The City Bond Policies were adopted in September 2019.
The following is LAHD’s process:
- Intake
- 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 an Inducement Letter
- Begin TEFRA approval (publish date, conduct hearing, Council approval)
- Application (Not applicable to 501(c)(3) bonds.)
- Review CDLAC application (expected from Borrower 30 days prior to CDLAC application deadline)
- Issuance
- Prepare Final Bond Documentation
- Secure and close all other financing
Outside Bond Issuance
On a predetermined basis, the City of Los Angeles may elect to consent to having multifamily housing bonds be issued by city agencies other than LAHD, other governmental agencies such as Los Angeles County, the California Housing Finance Agency, or those Joint Powers Authorities of which the City is a member.
In order to qualify, you will need to provide information about your project for LAHD review and approval. Please follow through the outside bond issuance checklist.
AFFORDABLE HOUSING PRESERVATION
LAHD 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 LAHD on the previous draft.
DOCUMENTS
Please visit the library for Bond policies, 2024 timeline, and forms.
AFFORDABLE HOUSING BOND PROGRAM CONTACTS
For questions or comments, please contact the Bond Unit via email at lahd-bonds@lacity.org
