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League-Sponsored Bond Agency Issues More Than $65.9 Million in Tax-Exempt Bonds for Affordable Housing in Redwood City

October 28, 2019
California Statewide Communities Development Authority (CSCDA) announced the issuance of $65.9 million in tax-exempt and taxable multi-family affordable housing bonds for 353 Main Street Family Apartments in Redwood City.
 
The League’s co-sponsorship of CSCDA continues to be a significant benefit for League members.
 
About 353 Main Street Family Apartments
 
353 Main Street Family Apartments is the new construction of 125 multi-family affordable housing units by ROEM Development Corporation (ROEM). The benefits of the project to Redwood City include the following:
  • 50 percent of the affordable rental housing units will be rent restricted for low-income tenants.
  • The project consists of studio, one-bedroom units, two-bedroom units, and a manager’s unit.
  • All of the restricted affordable units will be reserved for households earning 50 percent or less of the area median income. 
CSCDA and ROEM partnered with Citibank and Orrick Herrington & Sutcliffe LLP to provide $65,937,000 in bonds for the project. The financing for the project requires the affordability of the restricted units for low-income tenants to be maintained 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 ROEM, please visit: www.roemcorp.com.


 
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