Home > News > News Articles > 2016 > December > League-Sponsored Bond Agency Issues $11 Million in Tax-Exempt Affordable Housing Bonds in Vacaville
News Feed

League-Sponsored Bond Agency Issues $11 Million in Tax-Exempt Affordable Housing Bonds in Vacaville

December 9, 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 $11,000,000 in tax-exempt bonds for the multi-family affordable housing for Rocky Hill Veterans Apartments in Vacaville.
 
About Rocky Hill Veterans Apartments
 
Rocky Hill Veterans Apartments is the new construction of 39 affordable housing units by Community Development Partners (CDP). The benefits of the project for the city of Vacaville and Solano County include the following:
  • 100 percent of the affordable rental housing units will be rent restricted for low-income tenants;
  • 29 units are restricted for veterans (11 of which will serve chronically homeless veterans); and
  • The project consists of 11 one-bedroom, 15 two-bedroom, and 12 four-bedroom units to house local residents, along with one manager’s unit. 
CSCDA and CDP partnered with Citibank to provide $11 million in tax-exempt multi-family affordable housing bonds for the project. The financing for the project requires the affordability of units for low-income tenants to be maintained 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.


 
© League of California Cities