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League-Sponsored Bond Agency Issues $11.5 Million in Tax-Exempt Bonds for Affordable Housing Apartments in Fresno

August 26, 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 $11,555,000 in tax-exempt multi-family affordable housing bonds for El Cazador Apartments in Fresno.
 
About El Cazador Apartments
 
El Cazador Apartments is an acquisition and rehabilitation of 100 affordable housing apartments by El Cazador, LP. The project sponsor is Redwood Housing Partners. El Cazador will become 100 percent affordable and provide one-, two- and three-bedroom apartments to low-income residents in Fresno.
 
CSCDA and Redwood Housing Partners partnered with Citibank to provide tax-exempt multi-family affordable housing bonds for El Cazador. The rehabilitation will include the following: new roof coating system, upgraded HVAC systems, upgraded boilers, modernized landscaping, construction of a new community building (including management office, computer lab, library and fitness room), new security camera system, upgraded lighting, upgraded unit interiors and upgraded appliances. The financing of El Cazador 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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