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League-Sponsored Bond Agency Finances Affordable Housing Projects in Santa Clarita and Long Beach

January 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 issued $116.8 million in tax-exempt multifamily bonds that helped finance affordable housing projects in the cities of Long Beach and Santa Clarita.

Long Beach: Springdale West Apartments
 
Springdale West Apartments is an acquisition and rehabilitation of 406 multifamily affordable housing apartments by Springdale West Preservation, LP. The project sponsor is Preservation Partners Development. Springdale West will continue to be 100 percent affordable and provide 10 one-bedroom, 292 two-bedroom and 104 three-bedroom apartments to low-income residents in Long Beach.
 
CSCDA and Preservation Partners Development partnered with Citibank to provide tax-exempt multifamily affordable housing bonds for Springdale West. The rehabilitation will include new exterior and interior walls, flooring, roofing, kitchen appliances and heating. The financing of Springdale West will maintain the affordability of units for low-income senior tenants for 55 years.
 
Santa Clarita: Bouquet Canyon Senior Apartments
 
Bouquet Canyon Senior Apartments is an acquisition and rehabilitation of 264 multifamily affordable housing apartments by Vintage at Bouquet Canyon, LP. The project sponsor is Vintage Housing. Bouquet Canyon will continue to be 100 percent affordable and provide 183 one-bedroom and 81 two-bedroom apartments to low-income senior residents in Santa Clarita.
 
CSCDA and Vintage Housing partnered with Citibank to provide tax-exempt multifamily affordable housing bonds for Bouquet Canyon. The rehabilitation will include new interior and exterior lighting, new flooring and carpeting in all units and common areas, new interior and exterior paint in all units and common areas, new energy efficient appliances and water conserving plumbing fixtures in all units, new roof covering, new kitchen cabinets and countertops in all units, new bathroom fixtures in all units, new windows, a new security system and refurbishment of all existing community areas. Additionally a computer room and movie theater room will be added as well as new outdoor furniture and a new sports court. The financing of Bouquet Canyon will maintain the affordability of units for low-income senior 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 http://cscda.org for additional information on the ways in which CSCDA can help your city.


 
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