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League-Sponsored Bond Agency Issues More than $45 Million in Tax-Exempt Bonds for Affordable Housing in Pasadena

June 2, 2020
Affordable apartments for low-income senior residents in Pasadena will undergo renovations with the use of tax-exempt bonds issued by the California Statewide Communities Development Authority (CSCDA).
Concord RHF Partners, LP acquired and rehabilitated The Concord Apartments, which include 150 affordable housing studio and one-bedroom apartments to low-income senior residents. Under the new ownership the apartments will continue to be 100 percent affordable. CSCDA and RHF partnered with Wells Fargo Bank, Citibank, and Kutak Rock, LLP to provide $45,580,000 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 senior 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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