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Home > News > News Articles > 2020 > April > League-Sponsored Bond Agency Issues Nearly $252 Million in Tax-Exempt Bonds for Affordable Housing i
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League-Sponsored Bond Agency Issues Nearly $252 Million in Tax-Exempt Bonds for Affordable Housing in Six Cities

April 22, 2020
Affordable apartments for low-income families and seniors in Fremont, Huntington Beach, Palm Springs, Riverside, Salinas, and San Jose are getting a facelift and funding with tax-exempt multi-family affordable housing bonds issued by the California Statewide Communities Development Authority (CSCDA).
 
CSCDA has set a record of closing 10 affordable housing projects during the month of April, which total $355,150,000 in bonds to be issued, creating and preserving 1,593 affordable units.
Glen Haven 2018, LP acquired Glen Haven Apartments, which include 81 multi-family affordable housing apartments for low-income residents in Fremont. Under the new ownership the apartments will continue to be 100 percent affordable. CSCDA and the project sponsor KDF Communities (KDF) partnered with Citibank and Orrick, Herrington & Sutcliffe, LLP to provide $20 million tax-exempt multi-family affordable housing bonds for the Glen Haven Apartments.
 
Hermosa 2019, LP acquired Hermosa Vista Apartments, with 88 multi-family affordable housing apartments. These apartments will also continue to be 100 percent affordable and be available to low-income residents in Huntington Beach. CSCDA and KDF partnered with Citibank and Orrick, Herrington & Sutcliffe, LLP to provide the $19 million in tax-exempt multi-family affordable housing bonds for the development.
 
Huntington Pointe 2019, LP acquired Huntington Pointe Apartments, with 104 multi-family affordable housing apartments. These apartments will also continue to be 100 percent affordable and be available to low-income residents in Huntington Beach. CSCDA and KDF partnered with Citibank and Orrick, Herrington & Sutcliffe, LLP to provide the $24 million in tax-exempt multi-family affordable housing bonds for the development.
 
Pacific Palms Apartments, LP acquired Pacific Palms, which include 140 multi-family affordable housing apartments for low-income residents in Palm Springs. Under the new ownership the apartments will continue to be 100 percent affordable. CSCDA and Spira partnered with Capital One Bank to provide $15 million tax-exempt multi-family affordable housing bonds for the Pacific Palms Apartments.
 
Breezewood 2019, LP acquired Breezewood Apartments, which include 157 multi-family affordable housing apartments. Under the new ownership the apartments will continue to be 100 percent affordable and available for low-income residents in Riverside. CSCDA and the project sponsor KDF partnered with Citibank and Orrick, Herrington & Sutcliffe, LLP to provide $20 million tax-exempt multi-family affordable housing bonds for the Breezewood Apartments.
 
Valley Palms 2018, LP acquired Valley Palms Apartments, which include 354 multi-family affordable housing apartments. Under the new ownership the apartments will continue to be 100 percent affordable and available for low-income residents in San Jose. CSCDA and KDF partnered with Citibank and Orrick, Herrington & Sutcliffe, LLP to provide $120 million tax-exempt multi-family affordable housing bonds for the Valley Palms Apartments.
 
Salinas Pointe 2019, LP acquired Salinas Pointe Apartments, which include 220 multi-family affordable housing apartments for low-income residents in Salinas. Under the new ownership the apartments will continue to be 100 percent affordable. CSCDA and KDF partnered with Citibank and Orrick, Herrington & Sutcliffe, LLP to provide $33 million tax-exempt multi-family affordable housing bonds for the Salinas Pointe Apartments.
 
All of these projects 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 these projects will maintain the affordability of units for low-income tenants for 55 years.
 
The League’s co-sponsorship of CSCDA continues to be a significant benefit for League members. CSCDA has issued more than $63 billion in tax exempt bonds for projects that provide a public benefit by creating jobs, affordable housing, healthcare, infrastructure, schools, and other fundamental services.
 
CSCDA is a joint powers authority created in 1988 and is sponsored by the California State Association of Counties and the League of California Cities. 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.
 
Visit CSCDA’s website for additional information on the ways in which CSCDA can help your city.


 
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