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League-Sponsored Bond Agency Finances Affordable Housing Projects in Morgan Hill

October 7, 2015
The California Statewide Development Authority (CSDA) on Oct. 1 announced that it has issued $21.57 million in tax-exempt multi-family affordable housing bonds for the Butterfield Retirement Apartments in Morgan Hill.
 
Some of the most significant benefits of League membership for cities since 1988 have flowed from the League’s co-sponsorship of CSCDA. This program provides a variety of public agencies and developers access to low-cost, tax-exempt financing and economic development tools.
 
Butterfield Retirement Apartments is the new construction of 112 senior affordable housing units by Community Development Partners (CDP). It comprises 60 one-bedroom, 34 two-bedroom and 18 three-bedroom units for local senior citizens and will bring new economic vitality to a previously blighted and vacant lot.
 
CSCDA and CDP partnered with Citibank to provide $21.67 million in tax-exempt multi-family affordable housing bonds for the project. The financing for the Project requires the affordability of units for low-income senior tenants to be maintained 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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