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Cal Cities-sponsored bond agency issues more than $76.4 million in tax-exempt bonds for affordable housing in Los Angeles and South San Francisco

March 31, 2021
Affordable housing in the city of Los Angeles will receive exterior and interior renovations, and new affordable housing in the city of South San Francisco will be constructed, both for low-income residents, with more than $76.4 million in tax-exempt affordable housing bonds issued through the California Statewide Communities Development Authority (CSCDA).
 
Villa del Sol Apartments
 
Villa del Sol Apartments in Los Angeles is the acquisition and rehabilitation of 103 multifamily affordable housing apartments, which provides the community with one-, two-, and three-bedroom apartments to low-income residents.
 
CSCDA and the project sponsor, Spira Equity Partners, partnered with Capital One Bank and Orrick, Herrington & Sutcliffe, LLP to provide $19.5 million in affordable housing bonds for the project.
 
Grand and Linden Family Apartments
 
Grand and Linden Family Apartments in South San Francisco is the new construction of 84 multifamily affordable housing units by ROEM Development Corporation (ROEM), which provides the community with studio, one-, two-, and three-bedroom units to low-income residents. All of the units will be reserved for households earning less than 50 percent and 80 percent of the area median income.

CSCDA and the project sponsor, ROEM, partnered with Citibank and Orrick Herrington & Sutcliffe LLP to provide more than $56.9 million in bonds to build the project.

The affordable housing projects in the cities of Los Angeles and South San Francisco will consist of new construction and extensive interior and exterior renovation ensuring 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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