CSCDA announced nearly $5 million in tax-exempt affordable housing bonds for Sierra Heights Apartments in Oroville.
About Sierra Heights Apartments
Sierra Heights Apartments is the new construction of 40 senior affordable housing units by Willow Partners.
The benefits of the project for the City of Oroville include the following:
• 100 percent of the affordable rental housing units will be rent restricted for low-income senior tenants;
• The project consists of one and two-bedroom units, and a manager’s unit; and
• All of the units will be restricted to households earning 50 percent or less of the area median income.
CSCDA and Willow Partners partnered with Rabobank and Orrick Herrington & Sutcliffe LLP to provide $5,056,650 in bonds for the project. The financing for the project requires the affordability of units for low-income tenants to be maintained 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 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