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League-Sponsored Bond Agency Issues $54.3 Million in Tax-Exempt Bonds and Loans for Affordable Housing in Los Angeles, Hospital in Chico and School in Santa Cruz

February 24, 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 $54,300,000 in tax-exempt multi-family affordable housing bonds for the Casa Ramon Apartments in Orange, and tax-exempt loans for Enloe Medical Center located in Chico and Georgiana Bruce Kirby Preparatory School located in Santa Cruz.
 
About Casa Ramon Apartments
 
Casa Ramon Apartments is an acquisition and rehabilitation of 75 multi-family affordable housing apartments by 840 W Walnut, LP. The project sponsor is C&C Development and the Orange Housing Development Corporation (OHDC). Casa Ramon will continue to be 100 percent affordable and provide apartments to low-income residents in Orange.
 
CSCDA, C&C Development and OHDC partnered with RBC Capital Markets to underwrite the $16.3 million in tax-exempt multi-family affordable housing bonds for Casa Ramon. 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 Casa Ramon will maintain the affordability of units for low-income tenants for 55 years.
 
About Enloe Medical Center
 
Enloe Medical Center, a 501c3 nonprofit organization, is a 298-bed non-profit hospital with the mission of improving the quality of life through patient-centered care. It is one of two Level II trauma centers north of Sacramento, houses the region’s only Level II neonatal intensive care unit and operates the FlightCare air ambulance service. Enloe’s comprehensive medical services include cardiac surgery and heart care, neurosurgery, orthopedics, total joint replacement, cancer care, maternity care, women's services and bariatrics.
 
CSCDA partnered with Banc of America Public Capital Group to provide the $28,000,000 tax-exempt loan for Enloe. The loan will be used to finance the acquisition of an electronic health records system.
 
About Kirby School
 
Founded in 1994, Kirby School is an independent, non-sectarian, non-profit school serving 275 students in grades 6 through 12. Education at Kirby School is characterized by active, personalized learning that promotes creativity and fosters intellectual curiosity. Students thrive in small classes (with an average of 12 students per class) where a knowledgeable, enthusiastic faculty guides their intellectual and personal development.
 
CSCDA partnered with First Republic Bank and Hawkins, Delafield & Wood, LLP to provide the $10 million tax-exempt loan for Kirby School. The loan will be used to refinance an existing tax-exempt loan as well as provide new money for several capital improvement projects.
 
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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