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League-Sponsored Bond Agency Issues $282,555,000 in Tax-Exempt Bonds for Student Housing on the University of California, Irvine Campus

March 17, 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 $282,555,000 in tax-exempt refunding revenue bonds for student housing facilities located on campus at the University of California, Irvine.

About CHF-Irvine and the East Campus Apartments
 
The UC-Irvine East Campus Apartments, owned by CHF-Irvine, L.L.C. (CHF Irvine) and operated by American Campus Communities, comprises 5,163 student beds developed in three phases between 2005 and 2010. Collegiate Housing Foundation, a nonprofit corporation (the Foundation), is the sole member of CHF Irvine. The Foundation was organized in 1996 exclusively for charitable and educational purposes, including assisting its member colleges and universities in providing housing for their enrolled students and faculty and otherwise assisting its member colleges and universities in furtherance of their educational missions.
 
The transaction is comprised of the refinancing of two separate student housing facilities representing Phase II and Phase III of the UC-Irvine East Campus Apartments. The facilities were originally funded with bonds issued by CSCDA in 2004, 2006 and 2008. CSCDA and CHF-Irvine partnered with Barclays to underwrite the $282,555,000 in tax-exempt refunding revenue bonds which are expected to generate $3.5 million in annual debt service savings.
 
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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