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CSCDA Issues $33.7 million in Tax-Exempt Bonds for Affordable Apartment Units in Escondido

September 10, 2015
The California Statewide Communities Development Authority (CSCDA) on Sept. 4 announced that it has issued $33.7 million in tax-exempt multifamily affordable housing bonds for the Cypress Cove Apartments in Escondido.
 
Some of the most significant benefits of League membership for cities since 1988 have flowed from the League’s co-sponsorship with CSCDA. This program provides a variety of public agencies and developers access to low-cost, tax-exempt financing and economic development tools.

Cypress Cove Apartments is an acquisition and rehabilitation of 200 multifamily affordable housing units by Bear Valley Housing Associates, LP. The project sponsor is Community HousingWorks. Cypress Cove will continue to be 100 percent affordable and provide 50 one-bedroom, 98 two-bedroom, and 50 three-bedroom units to low-income families in Escondido.

CSCDA and Community HousingWorks partnered with Union Bank to provide $33.7 million in tax-exempt multifamily affordable housing bonds for Cypress Cove. The rehabilitation will include new roofs and windows, upgrades to bathrooms and kitchens, new interior and exterior paint and the remodeling and reopening of the community center which has been closed for years. The financing of Cypress Cove 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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