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Home > News > News Articles > 2020 > February > League-Sponsored Bond Agency Issues More than $49 Million in Tax-Exempt Bonds for Affordable Housing
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League-Sponsored Bond Agency Issues More than $49 Million in Tax-Exempt Bonds for Affordable Housing in Los Angeles

February 26, 2020

Affordable apartments for low-income families and seniors in Los Angeles are getting renovations and funding with tax-exempt, multi-family affordable housing bonds issued by the California Statewide Communities Development Authority (CSCDA).

 
Hobart Affordable, LP acquired Hobart Gardens Apartments, which includes 142 multi-family affordable housing units for low-income residents. Under the new ownership, the apartments will continue to be 100 percent affordable.
 
CSCDA and Reiner Communities Advisors partnered with MUFG Union Bank to provide the $49,500,000 in tax-exempt, multi-family affordable housing bonds for Hobart Gardens Apartments.
 
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 Hobart Gardens Apartments 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 financed, locally-approved projects.
 
Visit CSCDA’s website for additional information on the ways in which CSCDA can help your city.
 


 
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