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League-Sponsored Bond Agency Issues $19.57 Million in Tax-Exempt Bonds for Stonehaven Apartments at UC Riverside

May 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 a total of $19,570,000 in tax-exempt bonds for Stonehaven Apartments at the University of California, Riverside.

About Stonehaven Apartments
Stonehaven Apartments is limited to occupancy by qualifying students at the University of California, Riverside. The project consists of eight two-story buildings, includes 200 units (up to 600 beds), and was originally developed in 1999. Stonehaven Student Housing, Inc., a 501(c)(3) nonprofit corporation (Stonehaven), is an affiliate of EAH Inc., a nonprofit housing development corporation located in San Rafael, California. Established in 1968, EAH Inc., EAH develops low-income housing, manages over 100 properties in California and Hawaii.
CSCDA partnered with Deutsche Bank which purchased the $19,570,000 in tax-exempt bonds for Stonehaven. The bonds will be used to refinance CSCDA’s previously issued 2002 Bonds, allowing Stonehaven to reduce its bond debt service and interest cost.
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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