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League-Sponsored Bond Agency Issues More Than $69 Million in Tax-Exempt Bonds for Affordable Housing in Napa and Lompoc

November 4, 2019
California Statewide Communities Development Authority (CSCDA) announced the issuance of $69 million in tax-exempt and taxable multi-family affordable housing bonds for Charter Oaks Apartments in Napa and Arbor Square Apartments in Lompoc.
 
The League’s co-sponsorship of CSCDA continues to be a significant benefit for League members.
 
About Charter Oaks Apartments
 
Charter Oaks Apartments is an acquisition and rehabilitation of 75 multi-family affordable housing apartments by Charter Oaks Apartments II, LP. The project sponsor is Bayside Communities. Charter Oaks will continue to be 100 percent affordable and provide one-, two-, and three-bedroom apartments to low-income residents in Napa.
 
CSCDA and Bayside partnered with Citibank and Orrick, Herrington & Sutcliffe, LLP to provide the $39 million in tax-exempt multifamily affordable housing bonds. 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 Charter Oaks will maintain the affordability of units for low-income tenants for 55 years.
 
About Arbor Square Apartments
 
Arbor Square Apartments is an acquisition and rehabilitation of 126 multi-family affordable housing apartments by LIH Arbor Square, LP. The project sponsor is LEDG Capital. Arbor Square will continue to be 100 percent affordable and provide one- and two-bedroom apartments to low-income residents in Lompoc.
 
CSCDA and LEDG Capital partnered with Deutsche Bank and Orrick, Herrington & Sutcliffe, LLP to provide the $30 million in tax-exempt multifamily affordable housing bonds. 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 Arbor Square 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 Bayside please visit: www.baysidecommunities.com.


 
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