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League-Sponsored Bond Agency Issues More Than $85 Million in Tax-Exempt Bonds for Affordable Housing in San Pablo

June 16, 2020
Affordable apartments for low-income residents in San Pablo will undergo renovations with the use of tax-exempt bonds issued by the California Statewide Communities Development Authority (CSCDA).
Fairfield Hilltop Commons, LP acquired and rehabilitated the Hilltop Commons Apartments, which include 324 affordable housing apartments to low-income residents. Under the new ownership the apartments will continue to be 100 percent affordable. CSCDA and Fairfield Residential Company partnered with Citibank and Orrick, Herrington & Sutcliffe, LLP to provide the $85 million in tax-exempt multi-family affordable housing bonds for the project.
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 the project 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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