Cal Cities-sponsored bond agency issues $27 million in affordable housing bonds

By Cal Cities Staff

The California Statewide Communities Development Authority (CSCDA) issued $27,000,000 in tax-exempt multifamily affordable housing bonds for Rialto.

The funds will be used to acquire and redevelop Citrus Grove Apartments. The 152 multifamily two- and three-bedroom apartments will be 100% affordable for low-income residents.

CSCDA worked with Rialto 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.