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Home > News > News Articles > 2020 > February > League-Sponsored Bond Agency Issues More than $57 Million in Tax-Exempt Bonds for Affordable Housing
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League-Sponsored Bond Agency Issues More than $57 Million in Tax-Exempt Bonds for Affordable Housing in National City

February 19, 2020
Affordable apartments for low-income families and seniors in National City are getting renovations and funding with tax-exempt, multi-family affordable housing bonds issued by the California Statewide Communities Development Authority (CSCDA).
 
Park Villas Apartments, LP acquired Fairfield Park Villas, which includes 268 multi-family affordable housing units for low-income residents. Under the new ownership, the apartments will continue to be 100 percent affordable.
 
CSCDA and Fairfield partnered with Citibank and Orrick, Herrington & Sutcliffe, LLP to provide the $57,030,000 in tax-exempt, multi-family affordable housing bonds for Park Villas 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 Park Villas 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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