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League-Sponsored Bond Agency Issues $67.3 Million in Tax-Exempt Bonds for Affordable Housing Apartments in Stockton and Fremont

October 21, 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 $67,300,000 in tax-exempt multi-family affordable housing bonds for the Polo Run Apartments in Stockton and Innovia Apartments in Fremont.
 
About Polo Run Apartments
 
Polo Run Apartments is an acquisition and rehabilitation of 320 multi-family affordable housing apartments by Polo Run Family Apartments, LP. The project sponsor is ROEM Development Corporation (ROEM). Polo Run will continue to be 100 percent affordable and provide apartments to low-income residents in Stockton.
 
CSCDA and ROEM partnered with Citibank to provide tax-exempt multi-family affordable housing bonds for Polo Run. The project will undergo an extensive interior and exterior renovation ensuring that residents have an updated, safe, and affordable community to call home for years to come. The financing of Polo Run will maintain the affordability of units for low-income tenants for 55 years.
 
About Innovia Apartments
 
Innovia Apartments is the new construction of 290 affordable housing units by St. Anton Communities. The benefits of the project for the city of Fremont and Alameda County include: 100 percent of the affordable rental housing units will be rent restricted for very low- and low-income tenants; a new economic vibrancy to the area; and the construction of 20 studio units, 130 one-bedroom units, 117 two-bedroom units, 20 three-bedroom units, and three manager’s units.
 
CSCDA and St. Anton partnered with Citibank to provide $42,300,000 in tax-exempt multi-family affordable housing bonds for the project. The financing of Innovia Apartments 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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