An affordable housing project for low-income seniors in San Juan Capistrano received tax-exempt and taxable multi-family bonds and a local San Francisco college refinanced their existing facility loans. Collectively, CSCDA issued nearly $52 million for both projects.
CSCDA partnered with Bank of America and Orrick Herrington & Sutcliffe LLP to provide more than $20 million in multi-family affordable housing bonds for the new construction of the Citrus Groves Apartments, by C&C Development, in San Juan Capistrano. The new apartments have 75 affordable housing units consisting of one- and two-bedroom units and 100 percent of the rental housing units will be rent restricted for low-income seniors. All of the units will be restricted to households earning 60 percent or less of the area median income. The financing for this project requires the affordability of units for low-income tenants to be maintained for 55 years.
The California College of Arts (CCA) in San Francisco received more than $31.4 million in a tax-exempt loan to refinance existing educational facility loans resulting in significant interest cost savings. CSCDA partnered with First Republic Bank and Hawkins, Delafield & Wood, LLP to provide the loan.
The college is noted for the interdisciplinary and breadth of its programs. CCA educates students to shape culture and society through the practice and critical study of art, architecture, design, and writing. Benefitting from its San Francisco location, the college prepares students for lifelong creative work by cultivating innovation, community engagement, and social and environmental responsibility.
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 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.
Visit CSCDA’s website
for additional information on the ways in which CSCDA can help your city.