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League-Sponsored Bond Agency Issues $25 million in Tax-Exempt Bonds for Vista Sonoma Senior Living Apartments in Santa Rosa and $6.75 million in Tax-Exempt Bonds for Pacific Collegiate Foundation in Santa Cruz

August 5, 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 $25,025,000 in tax-exempt multifamily affordable housing bonds for Vista Sonoma Senior Living Apartments in Santa Rosa. It also issued $6,750,000 in tax-exempt bonds for Pacific Collegiate Foundation in Santa Cruz.
 
About Vista Sonoma Senior Living Apartments
 
Vista Sonoma Senior Living Apartments (Vista Sonoma) is an acquisition and rehabilitation of 189 senior affordable housing apartments by Vintage at Sonoma, LP. The project sponsor is Vintage Housing. Vista Sonoma will continue to be 100 percent affordable and provide one and two-bedroom apartments to low-income senior residents in Santa Rosa, California.
 
CSCDA and Vintage Housing partnered with Citibank to provide tax-exempt multifamily affordable housing bonds for Vista Sonoma. The rehabilitation will include new floors, carpets, interior and exterior paint, carbon monoxide sensors as well as repair or replacement as needed of carports, landscaping systems, balconies, doors and doorframes, exterior siding, kitchen cabinetry, window coverings, roof coverings, downspouts and gutters, sinks and HVAC system components. Additionally, appliances will be upgraded and replaced with more energy efficient models and common areas, including restrooms, social rooms, leasing/management offices and elevators will be refurbished and upgraded. The financing of Vista Sonoma will maintain the affordability of units for low-income senior tenants for 55 years.
 
About Pacific Collegiate Foundation
 
Pacific Collegiate Foundation supports the Pacific Collegiate School, a public charter school in Santa Cruz, California. The school’s mission is to provide exemplary, standards-based college preparatory and fine arts education for public middle and high school students of Santa Cruz County and bordering areas. The school’s vision is to offer any student the same quality of education offered by the most academically distinguished schools in California. It has regularly been ranked among the top charter and public schools in the country.
 
 CSCDA partnered with Stifel to underwrite the tax-exempt bonds for Pacific Collegiate. The bonds will be used to refinance a loan made for the acquisition and construction of the School’s new 47,000 square foot educational facilities.
 
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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