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League-Sponsored Bond Agency Issues Approximately $9.2 Million in Tax-Exempt Bonds for Affordable Housing in Rancho Cucamonga

March 15, 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 $9,200,000 in tax-exempt multi-family affordable housing bonds for Day Creek Villas Apartments in Rancho Cucamonga.
 
About Day Creek Villas Apartments
 
Day Creek Villas Apartments is the new construction of 49 affordable housing units by National Community Renaissance (National CORE). The benefits of the project for the City of Rancho Cucamonga include the following:
  • 100 percent of the affordable rental housing units will be rent restricted for low-income senior tenants;
  • The project consists of 46 one-bedroom units and three two-bedroom units; and
  • All of the units will be restricted to households earning 60 percent or less of the area median income. 
CSCDA and National CORE partnered with J.P. Morgan Chase and Orrick Herrington & Sutcliffe LLP to provide $9,200,000 in tax-exempt multi-family affordable housing bonds for the project. The financing for the project requires the affordability of units for low-income senior tenants to be maintained 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. For more information about National CORE, please visit www.nationalcore.org.


 
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