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League-Sponsored Bond Agency Finances Affordable Housing Projects in Richmond, Gilroy, Escondido and Hanford

September 4, 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. In July and August, CSCDA issued $113 million in bonds that helped finance several affordable housing projects in several California cities.

Richmond: Liberty Village Apartments
 
Liberty Village Apartments involves the acquisition and rehabilitation of 99 multifamily affordable housing units by LIH Liberty Village LP. Sponsored by Levy Affiliated, the nonprofit partner is Casa Major, Inc., and the equity provider is WNC & Associates, Inc. The project will continue to be 100 percent affordable and provide one-, two- and three-bedroom units to low-income families in Richmond.

CSCDA partnered with Citi Community Capital to provide $12.5 million in tax-exempt and $1.5 million in taxable multifamily affordable housing bonds for LVA. The rehabilitation will include installing new roofs and gutters, double pane vinyl windows, new kitchen cabinets, granite countertops and stainless steel appliances, bathroom mirrors and medicine cabinets, water and wall heaters, new flooring, repainting of building exteriors and interiors, and a new playground. The financing of LVA will maintain the affordability of units for low-income tenants for 55 years.  
 
Gilroy: Alexander Station Apartments
 
The Alexander Station Apartments involves construction of 262 multifamily affordable housing units in Gilroy by The Pacific Companies. Situated on a previously blighted and vacant lot, the project features one-, two-, three- and four-bedroom units to serve a broad range of local residents. One hundred percent of units will be rent restricted for low-income tenants.
 
CSCDA and The Pacific Companies partnered with Citibank and CCRC Affordable Housing Partners to provide $88 million in tax-exempt multifamily affordable housing bonds for the project. The financing requires the affordability of units for low-income tenants to be maintained for 55 years. 
 
Escondido: Summit Rose Apartments
 
Summit Rose Apartments (SRA) involves the acquisition and rehabilitation of 90 multifamily affordable housing units by Summit Rose Apartments LP. The project sponsor is KDF Communities. SRA will continue to be 100 percent affordable and provide 27 one-bedroom units and 63 two-bedroom units to low-income families in Escondido.

CSCDA and KDF Communities partnered with Pillar Capital Finance LLC/HUD 223(f) to provide $7 million in tax-exempt multifamily affordable housing bonds for SRA. The rehabilitation will include installing new exterior paint, windows, new kitchen cabinets, countertops, upgraded appliances, renovated bathrooms, and new floors for the kitchens and bathrooms. The financing of SRA will maintain the affordability of units for low-income tenants for 55 years.  
 
Hanford: Amberwood I and Amberwood II Apartments
 
Amberwood I & II Apartments (Amberwood) involves the acquisition and rehabilitation of 88 multifamily affordable housing units by Hanford 2015 Community Partners, LP.  The project sponsor is WNC & Associates, Inc. Amberwood will continue to be 100 percent affordable and provide 10 one-bedroom units, 53 two-bedroom units and 23 three-bedroom units to low-income families in Hanford.
 
CSCDA and WNC & Associates partnered with Rabobank to provide $4.3 million in tax-exempt multifamily affordable housing bonds for Amberwood. The rehabilitation will include installing bathroom and kitchen countertops, vanities, upgraded appliances, new floors, HVAC systems and new interior paint. The financing of Amberwood 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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