Cal Cities-sponsored bond agency issues over $52 million in affordable housing bonds

By Cal Cities Staff

The California Statewide Communities Development Authority (CSCDA) has issued over $52 million in tax-exempt multifamily affordable housing bonds — $19,066,355 for a project in Murrieta and $33,000,000 for one in Riverside.

In Murrieta, the funds will support the construction of Oak View Ranch Senior Apartments, an 81-unit building rent restricted for extremely low and low-income senior residents. The one- and two-bedroom units will be available to seniors earning less than 30%, 45%, or 60% of the area median income.

In Riverside, the funds will be used to acquire and rehabilitate 197 multifamily affordable housing units at Brandon Place Apartments. The one-and two-bedroom apartments will be 100% affordable and reserved for extremely low- and low-income residents.

CSCDA worked with Murrieta, Riverside, and others to provide the housing bonds. The financing for the apartments requires the affordability of the 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.