This program provides a variety of public agencies and developers access to low-cost, tax-exempt financing and economic development tools. CSCDA recently issued $60,000,000 in tax-exempt multi-family affordable housing bonds for Cienega Gardens Apartments in Covina
About Cienega Gardens Apartments
Cienega Gardens Apartments is the acquisition and rehabilitation of 180 multi-family affordable housing apartments by Cienega Gardens Preservation Limited Partnership. The project sponsor is Preservation Partners Development (PPD). Cienega Gardens will continue to be 100 percent affordable and provide apartments to low-income residents in Covina.
CSCDA and PPD partnered with Citibank and Orrick, Herrington & Sutcliffe, LLP to provide the
$60,000,000 in tax-exempt multi-family affordable housing bonds for Cienega Gardens. 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 Cienega Gardens will maintain the affordability of units for low-income tenants 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.