League of California Cities
Home > News > News Articles > 2020 > January > League-Sponsored Bond Agency Issues More than $104 Million in Tax-Exempt Bonds for Affordable Housin
News Feed

League-Sponsored Bond Agency Issues More than $104 Million in Tax-Exempt Bonds for Affordable Housing in Los Angeles

January 6, 2020
California Statewide Communities Development Authority (CSCDA) announced the issuance of tax-exempt affordable housing bonds for three Los Angeles Apartments: $34 million for Robert Farrell Manor & Western Gardens Apartments; $30 million for Miramar Tower; and $40 million for Ethel Arnold Bradley Apartments.
 
The League’s co-sponsorship of CSCDA continues to be a significant benefit for League members.
 
About Robert Farrell Manor & Western Gardens Apartments

Robert Farrell Manor & Western Gardens Apartments (RFWG Apartments) is the acquisition and rehabilitation of 70 affordable housing apartments by Robert Western Preservation, LP. The project sponsor is 21 Alpha Group. RFWG Apartments will continue to be 100 percent affordable and provide two and three-bedroom apartments to low-income residents in Los Angeles.

CSCDA partnered with Stifel and Orrick, Herrington & Sutcliffe, LLP to provide tax-exempt housing bonds for RFWG 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 RFWG Apartments will maintain the affordability of units for low-income tenants for 55 years.

About Miramar Tower Apartments

Miramar Tower Apartments is an acquisition and rehabilitation of 157 senior affordable housing apartments by Miramar Tower Preservation, LP. The project sponsor is Jonathan Rose Companies (JRC). Miramar Tower Apartments will continue to be 100 percent affordable and provide one-bedroom apartments to low-income senior residents in Los Angeles.

CSCDA and JRC partnered with Stifel and Orrick, Herrington & Sutcliffe, LLP to provide tax-exempt housing bonds for Miramar Tower 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 Miramar Tower Apartments will maintain the affordability of units for low-income tenants for 55 years.

About Ethel Arnold Bradley Apartments

Ethel Arnold Bradley Apartments is an acquisition and rehabilitation of 81 affordable housing apartments by Ethel Arnold Preservation, LP. The project sponsor is 21 Alpha Group. Ethel Arnold Bradley Apartments will continue to be 100 percent affordable and provide two- and three-bedroom apartments to low-income residents in Los Angeles.

CSCDA partnered with Stifel and Orrick, Herrington & Sutcliffe, LLP to provide tax-exempt housing bonds for Ethel Arnold Bradley 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 Ethel Arnold Bradley Apartments will maintain the affordability of units for low-income tenants for 55 years.

About CSCDA

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 Jonathan Rose Companies, please visit: www.rosecompanies.com.


 
© League of California Cities