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League-Sponsored Bond Agency Issues $2.5 Million in Tax-Exempt Bonds for Affordable Housing in Camarillo

November 3, 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 issuance of $2,500,000 in tax-exempt multifamily affordable housing bonds for Park Glenn Senior Apartments in Camarillo.
 
About Park Glenn Senior Apartments
 
Park Glenn Senior Apartments is an acquisition and rehabilitation of 18 multi-family affordable housing apartments by Park Glenn Senior 2016 LP. The project sponsor is KDF Communities. Park Glenn will continue to be 100 percent affordable and provide apartments to low-income senior residents in Camarillo.
 
CSCDA and KDF partnered with R4 Capital Funding, LLC and Orrick, Herrington & Sutcliffe, LLP to provide the $2,500,000 in tax-exempt multi-family affordable housing bonds for Park Glenn. 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 Park Glenn will maintain the affordability of units for low-income senior 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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