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League-Sponsored Bond Agency Issues More Than $55.6 Million in Tax-Exempt Bonds for Affordable Housing in Victorville and Roseville

October 7, 2019
The League’s co-sponsorship of the California Statewide Communities Development Authority (CSCDA) continues to be a significant benefit for League members.
 
CSCDA announced the issuance of $8.6 million in tax-exempt multi-family affordable housing bonds for Kimberly Park Apartments in Victorville and $47 million for Campus Oaks Apartments Phase II in Roseville.
 
About Campus Oaks Apartments Phase II
 
Campus Oaks Apartments Phase II is the new construction of 210 mixed income housing units by Scott Canel & Associates. Twenty-two percent of the housing units will be rent restricted for low-income tenants. The project includes access to swimming pools, a fitness center, kitchen and clubhouse. CSCDA and Canel partnered with Sterling Bank and Kutak Rock, LLP to provide the $47 million in tax-exempt multi-family affordable housing bonds for the project. The financing for the project requires the affordability of units for low-income tenants to be maintained for 55 years.
 
About Kimberly Park Apartments
 
Kimberly Park Apartments is the acquisition and rehabilitation of 132 multi-family affordable housing units by WP Kimberly Park Apartments, LP. The project sponsor is Willow Partners. Kimberly Park will continue to be 100 percent affordable and provide two-, three-, and four-bedroom apartments to low-income residents in Victorville. CSCDA and Willow Partners partnered with CBRE and Orrick Herrington & Sutcliffe LLP to provide $8.6 million in bonds for the project. 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 Kimberly Park 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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