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League-Sponsored Bond Agency Issues $74 Million in Tax-Exempt Bonds for Affordable Housing in Daly City

August 10, 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 $74,000,000 in tax-exempt multi-family affordable housing bonds for the Brunswick Street Apartments in Daly City.
 

About Brunswick Street Apartments

Brunswick Street Apartments is the new construction of 206 affordable housing units by The Pacific Companies. The benefits of the Project for Daly City and San Mateo County include the following:
  • All of the affordable rental housing units will be rent restricted for low-income senior tenants;
  • The project comprises 204 studio apartments and two manager’s units; and
  • The project is in close proximity to recreational facilities, parks, grocery stores and other shopping facilities.
 
CSCDA and The Pacific Companies partnered with Citibank and Orrick, Herrington & Sutcliffe, LLP to provide $74,000,000 in tax-exempt multi-family affordable housing bonds for the Project. The financing for the Project requires the affordability of units for low-income senior tenants to be maintained 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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