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​Cal Cities-sponsored bond agency issues $35 million in tax-exempt bonds for affordable housing in Millbrae

April 7, 2021
New affordable housing in the city of Millbrae will be constructed for low- and very low-income residents with $35 million in tax-exempt affordable housing bonds issued through the California Statewide Communities Development Authority (CSCDA).
 
About Gateway at Millbrae Apartments
 
Gateway at Millbrae Apartments in Millbrae is the new construction of 80 multifamily affordable housing units, which provides the community with studio and one-bedroom units to low- and very low-income residents. All of the units will be reserved for households earning less than 30, 40, 50 and 60 percent of the area median income.

CSCDA and the project sponsor, The Core Companies, partnered with Citibank and Orrick Herrington & Sutcliffe LLP to provide $35 million in bonds to build the project.

The newly-constructed affordable housing project in the city of Millbrae will ensure that residents have an updated, safe, and affordable community to call home for years to come. The financing for these projects will maintain the affordability of units for low-income tenants for 55 years.

Since its beginning, CSCDA has financed the construction or preservation of nearly 100,000 affordable units throughout California. Despite these efforts, affordable housing for all income levels still remains in short supply.
 
The League of California Cities’ co-sponsorship of CSCDA continues to be a significant benefit for Cal Cities 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 Cal 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 financed, locally-approved projects.
 
Visit CSCDA’s website for additional information on the ways in which CSCDA can help your city.


 
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