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League-Sponsored Bond Agency Issues $4.5 Million Tax-Exempt Bonds for Affordable Housing in Penn Valley

July 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 $4.5 million in tax-exempt affordable housing bonds for Courtyards at Penn Valley Apartments in Penn Valley, Nevada County.
 
About Courtyards at Penn Valley Apartments
 
Courtyards at Penn Valley Apartments is an acquisition and rehabilitation of 42 affordable housing apartments by Penn Valley 2, LP. The project sponsor is Alliance Property Group Inc. (Alliance). Courtyards at Penn Valley will continue to be 100 percent affordable and provide apartments to low income residents in Nevada County, California.
 
CSCDA and Alliance partnered with Hilltop Securities and Orrick, Herrington & Sutcliffe, LLP to provide tax-exempt housing bonds for the project. The property 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 Courtyards at Penn Valley 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 Willow Partners, please visit: www.willowpartners.com.


 
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