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Cal Cities-sponsored bond agency issues nearly $20.7 million in tax-exempt bonds for affordable housing in Salinas

June 9, 2021
​New affordable housing in the city of Salinas will be available for low-income residents, with nearly $20.7 million in tax-exempt affordable housing bonds issued through the California Statewide Communities Development Authority (CSCDA).
 
Steinbeck Commons Apartments in Salinas is the acquisition and rehabilitation of 100 affordable housing units, which provides the community with apartments to low-income senior residents. All the units will remain 100% affordable for low-income senior residents in Salinas.
 
CSCDA and the project sponsor, MacDonald Ladd Development, partnered with Stifel, Berkadia, and Orrick, Herrington & Sutcliffe, LLP to provide the $20,675,000 in tax-exempt multifamily affordable housing bonds to renovate the project.
 
The newly renovated affordable housing project will ensure that residents have an updated, safe, and affordable community to call home for years to come. The financing for this project 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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