Cal Cities-sponsored bond agency issues more than $327 million in tax-exempt bonds for housing in Anaheim, Santa Rosa, and Pasadena
Oct 27, 2021
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.
The California Statewide Communities Development Authority (CSCDA) recently issued tax-exempt bonds to acquire multifamily residential rental housing projects in Anaheim and Santa Rosa. CSCDA also issued tax-exempt affordable housing bonds for the construction of new affordable housing in Pasadena, known as Pasadena Studios. Collectively, the three issuances total $327,345,000.
About Anaheim’s Platinum Triangle Apartments
CSCDA issued $157,390,000 in tax-exempt Essential Housing Revenue Bonds to acquire 1818 Platinum Triangle Apartments in Anaheim. The 265-unit multifamily residential rental community was constructed in 2009 and includes a fitness center, business center, dog run, outdoor courtyards with fire pits, on-site storage, rooftop pool, sun deck, theater room, and other amenities.
The joint powers authority partnered with the city and others for the acquisition of the properties and issuance of bonds. Studio, one-, and two-bedroom units will be restricted for households earning less than 80%, 100%, and 120% of the area median income.
About Santa Rosa’s Acacia Apartments
CSCDA also issued $134,605,000 in tax-exempt Essential Housing Revenue Bonds to acquire Acacia Apartments in Santa Rosa. The 277-unit multifamily residential rental community was constructed in 2003 and includes a swimming pool, spa, grilling area, firepit, package concierge, clubhouse, business center, fitness center, and playground.
The joint powers authority partnered with the city and others for the acquisition of the properties and issuance of bonds. One- and two-bedroom units will be restricted for households earning less than 80%, 100%, and 120% of the area median income.
About Pasadena Studios
In addition, CSCDA announced the issuance of $35,350,000 in tax-exempt affordable housing bonds for Pasadena Studios. The 181-unit construction project consists of studio units and two manager units. Units will be reserved for households earning less than 30%, 50%, and 60% of the area median income.
The joint powers authority partnered with real estate company Community Builders Group and others to provide bonds for the affordable housing project and requires the affordability of restricted units for low and very-low-income tenants to be maintained for 55 years.
About CSCDA
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 financed, locally-approved projects.
Visit CSCDA’s website to learn how CSCDA can help your city.