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League-Sponsored Bond Agency Issues $25 Million in Tax-Exempt Bonds for Ivy Hill Apartments in Walnut Creek

June 8, 2017
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 $25,000,000 in tax-exempt multifamily affordable housing bonds for the Ivy Hill Apartments in Walnut Creek.

About Ivy Hill Apartments
Ivy Hill Apartments (“Ivy Hill”) is an acquisition and rehabilitation of 116 multifamily affordable housing apartments by CVII – Ivy Hill LP. The project sponsor is TH Real Estate. Ivy Hill will continue to provide 40 percent of its units to low income residents in Walnut Creek.
 
CSCDA and TH Real Estate partnered with Bank of America, N.A. and Orrick, Herrington & Sutcliffe, LLP to provide the $25 million in tax-exempt multifamily affordable housing bonds for Ivy Hill. The project will undergo an interior and exterior renovation ensuring that residents have an updated, safe, and affordable community to call home for years to come. The financing of Ivy Hill 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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