St. Michael’s Apartments is the new construction of 50 housing units in Riverside, which provides the community with one- and two-bedroom apartments to low-income residents. The project will ensure that 100 percent of the rental housing units will be rent restricted for low-income tenants, and affordable units will be restricted to households earning 30-80 percent of the area median income.
CSCDA and the project sponsor, Community Development Partners, partnered with Citibank and Orrick Herrington & Sutcliffe LLP to provide $10,947,285 million in affordable housing bonds to build the project. The financing for the project will maintain the affordability of units for low-income tenants for 55 years.
Cal Cities' co-sponsorship of CSCDA continues to be a significant benefit for cities. 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.
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for additional information on the ways in which CSCDA can help your city.