The Los Angeles City Council approved a TEFRA plan of finance to allow the California Municipal Finance Authority to issue up to $65 million in tax-exempt revenue bonds for the acquisition, development, construction, and equipping of a 116-unit multifamily affordable housing project at 5435-5445 Balboa Boulevard in Council District 4. The project, to be owned by 5435 Balboa, LP and developed by Elysian Housing, LLC, will operate under a regulatory agreement ensuring compliance with ADA, the California Building Code, the Rehabilitation Act, and Fair Housing Act provisions. Presented by Councilmember Nithya Raman, the financing leverages LAHD Affordable Housing Bond Policies and includes commitments for reasonable accommodations and non-discrimination. Under a Joint Exercise of Powers Agreement, the CMFA will serve as the outside issuer and the borrower must adhere to all City bond policy requirements. A public TEFRA hearing was held on May 9, 2025, after which the City Council adopted the plan of finance.