Cal Cities-sponsored bond agency issues over $23 million in affordable housing bonds

By Cal Cities Staff

The California Statewide Communities Development Authority (CSCDA) issued $23,185,979 in tax-exempt multifamily affordable housing bonds for Costa Mesa.

The funds will be used to acquire and redevelop Mesa Vista Apartments. The 87 housing units will be rent restricted for very low-income and extremely low-income individuals, including those experiencing homelessness. Units will be restricted to households earning less than 30% and 50% of the area median income.

CSCDA worked with Costa Mesa and others to provide the housing bonds. The financing for the apartments requires the affordability of units 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 the organization’s  website to learn how CSCDA can help your city.