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Home > News > News Articles > 2019 > April > League-Sponsored Bond Agency Issues Approximately $71.2 Million in Tax-Exempt Bonds for Affordable H
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League-Sponsored Bond Agency Issues Approximately $71.2 Million in Tax-Exempt Bonds for Affordable Housing in National City

March 29, 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 $40,863,081 in tax-exempt affordable housing bonds for Morgan Tower Apartments and $30,804,031 in tax-exempt affordable housing bonds for Kimball Tower Apartments, both located in National City.
 
About Morgan Tower Apartments
 
Morgan Tower is an acquisition and rehabilitation of 152 senior affordable housing apartments by Morgan Tower Housing Associates, LP. The project sponsor is Community HousingWorks. Morgan Tower will continue to be 100 percent affordable and provide one-bedroom apartments to low-income seniors in National City.
 
CSCDA and Community HousingWorks partnered with MUFG Union Bank, N.A. and Jones Hall to provide tax-exempt affordable housing bonds for Morgan Tower. The rehabilitation will include extensive exterior and interior renovations which include energy and water efficiency upgrades. The financing of Morgan Tower will maintain the affordability of units for low-income senior tenants for 55 years.     
 
About Kimball Tower Apartments
 
Kimball Tower is an acquisition and rehabilitation of 152 senior affordable housing apartments by Kimball Tower Housing Associates, LP. The project sponsor is Community HousingWorks. Kimball Tower will continue to be 100 percent affordable and provide one-bedroom apartments to low-income seniors in National City.
 
CSCDA and Community HousingWorks partnered with MUFG Union Bank, N.A. and Jones Hall to provide tax-exempt affordable housing bonds for Kimball Tower. The rehabilitation will include extensive exterior and interior renovations which include energy and water efficiency upgrades. The financing of Kimball Tower will maintain the affordability of units for low-income senior tenants for 55 years.     
 
About Community HousingWorks
 
Community HousingWorks (CHW) is a nationally-recognized nonprofit that builds, acquires and owns quality affordable apartments and provides wraparound services that help lower income residents improve their lives and move up in the world. For 30 years, CHW has harnessed innovation and staff expertise to build and own beautiful affordable apartment communities with a focus on cost effective, sustainable, and energy efficient designs. CHW has completed and owns more than 35 rental communities and 3,300 apartments located in San Diego County and throughout California.  
 
For more information about CHW, please visit: www.chworks.org.   
 
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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