CSCDA announced the issuance of $30,727,351 in tax-exempt multi-family affordable housing bonds for Magnet Senior Apartments in Irvine.
About the Project
The vision for the project began in 1996 with the closure of the Marine Corps Air Station El Toro. The project is a 165-unit affordable housing community for low-income seniors located on 5.12 acres at Great Park Neighborhoods located in the City of Irvine by Related California (Related) and Riverside Charitable Corporation (RCC). The benefits of the project for the City of Irvine and Orange County include the following:
- 100 percent of the affordable rental housing units will be rent restricted for low-income senior tenants;
- The building will bring new economic vibrancy to the project site; and
- The project consists of studios, one-bedroom units, two-bedroom units and two manager’s units.
CSCDA, Related, and RCC partnered with MUFG Union Bank, N.A. to provide $30,727,351in tax-exempt multi-family affordable housing bonds for the project.
Although the financing for the project requires the affordability of units for low-income seniors to be maintained for 55 years, the Regulatory Agreement with the City of Irvine requires the project to maintain the affordability of units in perpetuity.
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