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League-Sponsored Bond Agency Issues $14,000,000 in Tax-Exempt Bonds for Multifamily Affordable Housing in Antioch

April 6, 2016
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 recently issued $14,000,000 in tax-exempt multifamily affordable housing bonds for the Casa Blanca Apartments in Antioch.
 
About Casa Blanca Apartments
 
Casa Blanca Apartments (Casa Blanca) is an acquisition and rehabilitation of 115 multifamily affordable housing apartments by LIH Casa Blanca Antioch, LP. The project sponsor is Levy Affiliated Holdings (Levy), which partnered with Central Valley Coalition for Affordable Housing (CVCAH) and WNC & Associates, Inc. (WNC), who is providing the equity to renovate Casa Blanca for working families in Antioch. Casa Blanca will continue to be 100 percent affordable and provide one- and two-bedroom apartments to low-income residents.
 
CSCDA, Levy, CVCAH and WNC partnered with Citibank to provide tax-exempt multifamily affordable housing bonds for Casa Blanca. The rehabilitation will include roof and gutter repairs, replacement of windows, new paint, cabinets, countertops, kitchen appliances, lighting fixtures, heating and air-conditioning units. The rehabilitation will also include ADA upgrades and new landscaping. The financing of Casa Blanca 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 CSCDA’s website for additional information on the ways in which CSCDA can help your city.


 
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