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League-Sponsored Bond Agency Issues $100 Million in Tax-Exempt Bonds for Senior Housing Communities in Southern California

September 8, 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 $100,040,000 in tax-exempt bonds for Front Porch Communities and Services.
 
About Front Porch
 
Front Porch Communities and Services is a premier nonprofit developer, owner and operator of senior housing communities, primarily in the Southern California area. Its continuing care retirement communities serve approximately 3,000 residents with a variety of income levels by providing a warm and friendly place to live along with personal care in its independent living, assisted living, memory care and care center accommodations.
 
CSCDA partnered with Bank of America Merrill Lynch and Orrick, Herrington & Sutcliffe, LLP to provide the $100,040,000 in tax-exempt bonds. The bonds will fund a variety of capital expenditures as well as refund prior bonds originally issued by CSCDA for the construction and equipping of senior living facilities located throughout Southern California. The refinancing is expected to produce net present value savings of more than $7 million.
 
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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