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League-Sponsored Bond Agency Issues $30 Million in Tax-Exempt Bonds for Affordable Housing in Los Angeles, West Covina and Hemet

April 25, 2017
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 $30,067,415 in tax-exempt multi-family affordable housing bonds for the Hemet Vistas Apartments in Hemet, the Princess Apartments in Los Angeles and the Promenade Apartments in West Covina.
 
About Hemet Vistas Apartments
 
Hemet Vistas Apartments (Hemet Vistas) is an acquisition and rehabilitation of 143 multi-family affordable housing apartments by Hemet Vistas 1&2R Partners, LP. The project sponsor is Palm Communities. Hemet Vistas will continue to be 100 percent affordable and provide apartments to low-income residents in Hemet.
 
CSCDA and Palm Communities partnered with Chase Bank to provide $10.8 million in tax-exempt multi-family affordable housing bonds for Hemet Vistas. 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 Hemet Vistas will maintain the affordability of units for low-income tenants for 55 years.

About Princess Apartments
 
Princess Apartments are an acquisition and rehabilitation of 58 multi-family affordable housing apartments by Princess Affordable Apartments, LP. The project sponsor is Intercontinental Affordable Housing (IAHI). Princess Apartments will continue to be 100 percent affordable and provide apartments to low-income residents in Los Angeles.
 
CSCDA and IAHI partnered with Jones, Lang LaSalle Multifamily to provide tax-exempt multi-family affordable housing bonds for Princess Apartments. 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 Princess Apartments will maintain the affordability of units for low-income tenants for 55 years.
 
About The Promenade Apartments
 
The Promenade Apartments (Promenade) is an acquisition and rehabilitation of 124 multi-family affordable housing apartments by The Promenade Housing Partners, L.P. The project sponsor is National Community Renaissance of California (National CORE). Promenade will continue to be 100 percent affordable and provide apartments to low-income residents in West Covina.
 
CSCDA and National CORE partnered with Bank of the West and Orrick, Herrington & Sutcliffe, LLP to provide the $10.7 million in tax-exempt multi-family affordable housing bonds for Promenade. 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 Promenade 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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