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League-Sponsored Bond Agency Issues Nearly $47 Million in Tax-Exempt Bonds for Affordable Housing in Corona

February 21, 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 $46,600,000 in tax-exempt multi-family affordable housing bonds for Corona Park Apartments in Corona.
 
About Corona Park Apartments
 
Corona Park Apartments is the acquisition and rehabilitation of 160 multi-family affordable housing apartments by Corona Park Preservation Limited Partnership. The project sponsor is Preservation Partners Development (PPD). Corona Park Apartments will continue to be 100 percent affordable and provide apartments to low-income residents in Corona, California.
 
CSCDA and PPD partnered with Citibank and Orrick, Herrington & Sutcliffe, LLP to provide the $46,600,000 in tax-exempt multifamily affordable housing bonds for Corona Park Apartments. 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 Corona Park Apartments will maintain the affordability of units for low-income tenants for 55 years. 
 
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.


 
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