Davis City Council Joined Public Finance Authority
The city voted to join the California Public Finance Authority to facilitate bond financing for affordable housing.
Updated on Oct. 7, 2026 in Utilities
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The Davis City Council has voted to join the California Public Finance Authority, a move that will allow Mutual Housing to receive up to $15 million in bond financing. The city will have no financial obligation for these loans.
Why it matters
The funding is intended to support critical repairs for three local affordable housing properties, ensuring their long-term viability and affordability. This partnership leverages a broader state finance network without impacting the city's own budget.
The California Public Finance Authority includes more than 50 local agencies and issues tax-exempt bonds to fund various initiatives. Mutual Housing will use the proceeds to repair properties including Twin Pines Apartments, Tremont Green, and Moore Village.
The players
Davis City Council
This is the governing body responsible for the legislative and administrative functions of the city of Davis.
California Public Finance Authority
This entity is a joint powers authority created by Kings County to assist local governments in financing public benefit projects.
Mutual Housing
This organization is a nonprofit developer and manager of affordable rental housing communities.
The details
The authority issues tax-exempt bonds that investors purchase, with the revenue provided as a loan to Mutual Housing. Repairs for the housing sites will include new roofing, paint, flooring, insulation, and countertops.
Timeline
The California Public Finance Authority was created by Kings County in 2015.
The Davis City Council voted to join the authority on October 6, 2026.
Market Landscape
By joining the California Public Finance Authority, Davis participates in a growing trend of municipal entities utilizing joint powers agreements to access capital markets. This approach allows smaller municipalities to bypass the overhead of creating independent financing vehicles by leveraging established statewide structures.
Residents living in the Twin Pines Apartments, Tremont Green, and Moore Village will benefit from direct property improvements such as new roofing and interior upgrades. Because the city has no financial obligation for these bonds, local taxpayers are not liable for the loan repayment.
The takeaway
This partnership highlights how cities can utilize regional authorities to address infrastructure needs in affordable housing. It provides a model for cities to secure capital for building maintenance without incurring direct debt or tax burdens.
Further reading
Learn more about the latest developments in Utilities across the region.
Source note: This article includes information reported by Abridged - PBS KVIE.
Live Poll
Should your local government help facilitate private bond-funded loans for affordable housing repairs?
