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League-Sponsored Bond Agency Issues $25,663,000 in Tax-Exempt Bonds for the Delta View Apartments

February 23, 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 $25,663,000 in tax-exempt bonds for the Delta View Apartments in Antioch.
 
Antioch: Delta View Apartments

Delta View Apartments (Delta View) is an acquisition and rehabilitation of 205 multifamily affordable housing apartments by Delta View Family Apartments, LP. The project sponsor is ROEM Development Corporation (ROEM). Delta View will continue to be 100 percent affordable and provide two-bedroom apartments to low-income residents in Antioch, California.
 
CSCDA and ROEM partnered with Citibank to provide tax-exempt multifamily affordable housing bonds for Delta View. The rehabilitation will include eleven additional fully accessible units, new unit flooring, countertops, cabinets, appliances, and plumbing fixtures. The building exteriors will have new roofs, HVAC systems, and siding. The site will have upgraded drainage, rubberized flooring for the playground, and parking will be restriped. The financing of Delta View 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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