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League of California Cities
Home > News > News Articles > 2017 > December > League-Sponsored Bond Agency Issues $27 Million in Tax-Exempt Bonds for Affordable Housing in Fresno
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League-Sponsored Bond Agency Issues $27 Million in Tax-Exempt Bonds for Affordable Housing in Fresno

December 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 issuance of $27,102,000 in tax-exempt multi-family affordable housing bonds for Kings Canyon Apartments in Fresno.
About Kings Canyon Apartments:
Kings Canyon Apartments is the new construction of 134 affordable housing units by Cesar Chavez Foundation. The benefits of the Project for the City of Fresno include the following:
  • 100 percent of the affordable rental housing units will be rent restricted for low-income tenant;.
  • The project consists of 65 one-bedroom units, 35 two-bedroom units, 34 three-bedroom units and a manager’s unit; and
  • All of the units will be restricted to households earning 60 percent or less of the area median income. 
CSCDA and Cesar Chavez Foundation partnered with Bank of the West and Kutak Rock LLP to provide $27,102,000 in tax-exempt multi-family affordable housing bonds for the project. The financing for the project requires the affordability of units for low-income tenants to be maintained for 55 years.
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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