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League-Sponsored Bond Agency Issues $46 Million in Tax-Except Bonds for Affordable Housing in Santa Fe Springs

May 31, 2018
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).
 
CSCDA recently issuance of $46,264,000 in tax-exempt multi-family affordable housing bonds for Pioneer Gardens Apartments in Santa Fe Springs.
 
About Pioneer Gardens Apartments
 
Pioneer Gardens Apartments is an acquisition and rehabilitation of 141 multi-family affordable housing apartments by Pioneer Gardens Venture, LP. The project sponsor is MRK Partners. Pioneer Gardens Apartments will continue to be 100 percent affordable and provide one-, two-, three-, and four-bedroom apartments to low-income residents in Santa Fe Springs.
 
CSCDA and MRK Partners partnered with CBRE Capital Markets, Inc. and Orrick, Herrington & Sutcliffe, LLP to provide tax-exempt multi-family affordable housing bonds for Pioneer Gardens 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 Pioneer Gardens Apartments 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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