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​League-Sponsored Bond Agency Issues Nearly $62 Million in Tax-Exempt Bonds for Affordable Housing in Redwood City and Educational Facility in Calabasas

May 6, 2020
Affordable apartments for low-income families and seniors in Redwood City, and an educational facility in Calabasas, are getting a facelift and funding with tax-exempt bonds issued by the California Statewide Communities Development Authority (CSCDA).
Hallmark 2017, LP acquired Hallmark House Apartments, which include 72 multi-family affordable housing apartments for low-income residents. Under the new ownership the apartments will continue to be 100 percent affordable. CSCDA and KDF partnered with Citibank and Orrick, Herrington & Sutcliffe, LLP to provide $22 million tax-exempt multi-family affordable housing bonds for the Hallmark House Apartments.
Hallmark House Apartments 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 Hallmark House Apartments will maintain the affordability of units for low-income tenants for 55 years.
Viewpoint is an independent, coeducational, college preparatory day school for grades K-12. The school consists of four divisions: primary (K-2), lower (3-5), middle (6-8), and upper schools (9-12). CSCDA partnered with First Republic Bank and Hawkins, Delafield & Wood, LLP to provide the $39 million tax-exempt loan for Viewpoint. The new loan will refinance Viewpoint’s existing educational facility loans resulting in significant interest cost savings.
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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