Council to Consider Issuance of Bonds for Housing Development

A public hearing will take place at Tuesday's City Council meeting asking leaders to approve a resolution allowing for the issuance of $10 million in tax-exempt bonds that will renovate a local affordable housing complex.

The resolution—which was previously approved in April but is up again for a vote because of a concern with the public notice—will enable Community HousingWorks to "acquire and renovate Poway Villas" using the tax-exempt bonds and 4 percent in tax credits if approved.

According to the report, the renovations "will not require any funds from the Poway Redevelopment Agency, the City of Poway, or the Poway Housing Authority" and the bonds will be issued by the California Municipal Finance Authority.

The complex, which is owned by Poway Villas Housing Associates and operated by Community HousingWorks as a general partner, is made up of 60 units on Bowron Road.

In other business, the City Council will also consider a resolution officially authorizing the removal of four trees in the Heritage Sycamore Grove that were already removed in September 2011 due to the dangers they caused in the area.

The meeting begins at 7 p.m. inside the at 13325 Civic Center Dr. See the full agenda here.