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League-Sponsored Bond Agency Issues $17.2 Million in Tax-Exempt Bonds for Affordable Housing Apartments in Compton

July 8, 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 a total of issued $17,150,000 in tax-exempt multi-family affordable housing bonds for St. Timothy’s Tower and Manor Apartments in Compton.

About St. Timothy’s Tower and Manor Apartments
 
St. Timothy’s Tower and Manor Apartments is an acquisition and rehabilitation of 135 multi-family affordable housing apartments by St. Timothy’s Preservation, L.P. The project sponsor is Bluegreen Preservation and Development, LLC. St. Timothy’s will remain 100 percent affordable and provide studio and one-bedroom apartments to low-income residents in Compton.
 
CSCDA and Bluegreen partnered with Red Stone Tax Exempt Funding to provide tax-exempt multi-family affordable housing bonds for St. Timothy’s. The rehabilitation will include an upgrade of mechanical, electrical and plumbing systems. Interior upgrades will include new kitchen and bathroom equipment, flooring and window treatments. Exterior upgrades will include new exterior and corridor lighting, windows, doors, and improved landscaping. The financing of St. Timothy’s 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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