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Tax-Exempt Financing for 55 Fairfax Street

Posted on November 15, 2018


City of San Rafael Seal

BRIDGE Housing Corporation owns the Casa Vista Apartments, a 40-unit multi-family residential rental development that is located at 55 Fairfax Street. Constructed in 1964, the units are contained in two, two-story buildings.  The 1.4-acre property is also developed with surface parking, along with a central courtyard containing a swimming pool and recreation room. 100 percent of the residential units are affordable to households qualifying in the low-income category (50 to 80 percent of the median income in Marin County) and are guaranteed as affordable through 2057. Currently, BRIDGE Housing Corporation is seeking a $4 million tax-exempt loan through the California Municipal Finance Authority to refinance their outstanding debt, to finance capital improvements to their property, and to provide working capital / fund reserves. Although there is no fiscal impact or liability on part of the City, the Internal Revenue Service requires that the City hold a public hearing on the issuance of this and other issuances of tax-exempt revenue notes. This public hearing will take place during Monday’s City Council meeting.

For more information, read the staff report.

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