Centralia Affordable Communities, LP acquired Hawaiian Gardens Apartments, which include 264 two- and three-bedroom units for low-income residents. Under the new ownership the apartments will continue to be 100 percent affordable. CSCDA and Logan Capital Advisors partnered with Citibank, N.A. to provide $113.75 million tax-exempt multifamily affordable housing bonds for the Hawaiian Gardens Apartments.
Agave by Vintage, LP Agave acquired Elk Grove Apartments, with 188 affordable housing units for seniors. These apartments will also continue to be 100 percent affordable and be available to low-income residents in Elk Grove. CSCDA and Vintage Housing partnered with Citibank and Orrick, Herrington & Sutcliffe, LLP to provide the $35 million in tax-exempt multifamily affordable housing bonds for the development.
Both 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 Hawaiian Gardens Apartments and Agave at Elk Grove 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.