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League-Sponsored Bond Agency Issues Nearly $55.4 Million in Tax-Exempt Bonds for Affordable Housing in West Covina

August 30, 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 $55.4 million in tax-exempt multi-family affordable housing bonds for Cameron Park Apartments in West Covina.
 
About Cameron Park Apartments
 
Cameron Park Apartments is an acquisition and rehabilitation of 158 multi-family affordable housing apartments by Cameron Park Community Partners, LP. The project sponsor is Community Preservation Partners (CPP), an affiliate of WNC & Associates, Inc. Cameron Park will continue to be 100 percent affordable and provide one-, two-, three-, and four-bedroom apartments to low-income residents in West Covina.
 
CSCDA and CPP partnered with Citibank and Orrick, Herrington & Sutcliffe, LLP to provide the $55.4 million in tax-exempt multi-family affordable housing bonds. 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 Cameron Park will maintain the affordability of units for low-income tenants for 55 years.
 
About CSCDA
 
Created by cities and counties for cities and counties, 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. 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 CPP please visit: www.cpp-housing.com.


 
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