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League-Sponsored Bond Agency Issues $29.6 Million in Tax-Exempt Bonds for Affordable Housing Apartments in Oxnard

July 1, 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 $29,559,000 in tax-exempt multi-family affordable housing bonds for Las Cortes Apartments in Oxnard.
 
About Las Cortes Apartments
 
Las Cortes Apartments is the new construction of 144 affordable housing units by Urban Housing Communities (UHC). The benefits of the project for the city of Oxnard and Ventura County include the following:
  • 100 percent of the affordable rental housing units will be rent restricted for low-income tenants;
  • The project will bring new economic vibrancy to the area;
  • The project replaces outdated 1950s era public housing; and
  • The project consists of 48 one-bedroom, 42 two-bedroom, 39 three-bedroom, and 15 four-bedroom units to house local low-income residents. 
CSCDA and UHC partnered with Bank of America to provide $29,559,000 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.


 
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