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League-Sponsored Bond Agency Finances Affordable Housing Projects in Duarte, Pasadena and Chino

December 2, 2015
Some of the most significant benefits of League membership for cities since 1988 have flowed from the League’s co-sponsorship of the California Statewide Communities Development Authority (CSCDA).
 
This program provides a variety of public agencies and developers access to low-cost, tax-exempt financing and economic development tools. CSCDA issued $26.8 million in tax-exempt multifamily bonds that helped finance affordable housing projects in several California cities.

Duarte: Duarte Manor Apartments
 
Duarte Manor Apartments is an acquisition and rehabilitation of 42 multifamily affordable housing units by Jim Perley of Western America Properties, Inc. (WAP) and his nonprofit partner Better Housing Foundation. Duarte Manor will continue to be 100 percent affordable and provide 26 two-bedroom units and 16 three-bedroom units to low-income families.
 
CSCDA and WAP partnered with Citibank to provide $9.1 million in tax-exempt multifamily affordable housing bonds for Duarte Manor, and WAP brought in AEGON as their Tax Credit Investor. Treadstone Companies, in San Diego, serves as the development consultant to WAP. The rehabilitation will include substantial renovation of unit interiors and property including new kitchen cabinets and appliances, tub surrounds & fixtures, Americans with Disabilities Act (ADA) improvements, interior and exterior doors, new roofing, exterior and interior painting, security cameras and controlled access and energy efficient systems. New ENERGY STAR rated and low-water usage products include kitchen hoods, ranges, refrigerators, low-E windows, air-conditioning units and low flush water closets.
 
The financing of Duarte Manor will maintain the affordability of units for low-income tenants for 55 years.
 
Pasadena: Northwest Manors II Apartments
 
Northwest Manors II Apartments is an acquisition and rehabilitation of 44 multifamily affordable housing apartments by East Mountain Housing Associates, LP in Pasadena. The project sponsor is Community HousingWorks. Northwest Manors II will continue to be 100 percent affordable and provide eight studio, six one-bedroom, and 30 two-bedroom apartments to low-income families.
 
CSCDA and Community HousingWorks partnered with Berkeley Point Capital, LLC to provide $8,428,000 in tax-exempt multifamily affordable housing bonds for Northwest Manors II. The rehabilitation will include new flooring, countertops and cabinets in kitchens and bathrooms, windows, light fixtures, wall furnaces, interior and exterior paint, a new roof, sustainable landscape, and the installation of a new playground at each site. The financing of Northwest Manors II will maintain the affordability of units for low-income tenants for 55 years.
 
Chino: Vista Park Chino Apartments
 
Vista Park Chino Apartments is an acquisition and rehabilitation of 40 multifamily affordable housing units, also by Jim Perley of WAP and his nonprofit partner Better Housing Foundation. Vista Park will continue to be 100 percent affordable and provide 21 two-bedroom units and 19 three-bedroom units to low-income families.
 
CSCDA and WAP partnered with Citibank to provide $9.3 million in tax-exempt multifamily affordable housing bonds for Vista Park, and WAP brought in AEGON as their Tax Credit Investor. Treadstone Companies, in San Diego, serves as the development consultant to WAP. The rehabilitation will include substantial renovation of unit interiors and property including new kitchen cabinets and appliances, tub surrounds & fixtures, ADA improvements, interior and exterior doors, new roofing, exterior and interior painting, security cameras and controlled access and energy efficient systems. New ENERGY STAR rated and low-water usage products include kitchen hoods, ranges, refrigerators, low-E windows, air-conditioning units and low flush water closets.
 
The financing of Vista Park will maintain the affordability of units for low-income tenants for 55 years.
 
Background
 
CSCDA is a joint powers authority created in 1988 and is sponsored by the League of California Cities® and the California State Association of Counties. It was created by cities and counties for cities and counties. More than 500 cities, counties and special districts are program participants in CSCDA, which serves as their conduit issuer and provides access to efficiently finance locally-approved projects. CSCDA has issued more than $50 billion in tax exempt bonds for projects that provide a public benefit by creating jobs, affordable housing, healthcare, infrastructure, schools and other fundamental services. Visit http://cscda.org for additional information on the ways in which CSCDA can help your city.


 
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