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League-Sponsored Bond Agency Issues Approximately $45 Million in Tax-Exempt Bonds for Affordable Housing in Santa Ana, Taxable Loan for Salk Institute in La Jolla

June 10, 2019
The League’s co-sponsorship of the California Statewide Communities Development Authority (CSCDA) continues to be one of the most significant benefits for League members.
 
CSCDA announced the issuance of $25 million in tax-exempt affordable housing bonds for La Mesa Springs Apartments in La Mesa and $20 million taxable loan for the Salk Institute for Biological Studies (Salk Institute), based in La Jolla.
 
About La Mesa Springs Apartments
 
La Mesa Springs Apartments is an acquisition and rehabilitation of 129 senior affordable housing apartments by La Mesa Springs Preservation, LP. The project sponsor is Jonathan Rose Companies (JRC). La Mesa Springs Apartments will continue to be 100 percent affordable and provide one-bedroom apartments to low-income senior residents in La Mesa.
 
CSCDA and JRC partnered with Stifel and Orrick, Herrington & Sutcliffe, LLP to provide tax-exempt housing bonds for La Mesa Springs 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 La Mesa Springs Apartments will maintain the affordability of units for low-income tenants for 55 years. For more information about JRC, please visit: www.rosecompanies.com.
 
About the Salk Institute
 
Founded in 1960 by Jonas Salk, the Salk Institute is an independent, nonprofit, scientific research institute. The Salk Institute’s major areas of study are focused on aging and regenerative medicine, cancer biology, immune system biology, metabolism and diabetes, neuroscience and neurological disorders and plant biology. The Salk Institute employs over 850 researchers in 60 research groups and focuses its research in three areas: Molecular Biology and Genetics; Neurosciences; and Plant Biology. Research topics include cancer, diabetes, birth defects, Alzheimer's disease, Parkinson's disease, AIDS, and the neurobiology of American Sign Language.
 
CSCDA partnered with First Republic Bank to provide the $20 million taxable loan for the Salk Institute.  The loan proceeds will be issued to expand and reconfigure the Salk Institute’s laboratories to accommodate its growing research needs. For more information about the Salk Institute, please visit: www.salk.edu.
 
About CSCDA
 
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 530 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 $60 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. For more information about National CORE, please visit www.nationalcore.org.


 
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