Cal Cities-sponsored bond agency issues over $259 million in affordable housing bonds

By Cal Cities Staff

The California Statewide Communities Development Authority (CSCDA) has issued over $259 million in tax-exempt bonds — $151,555,000 for Sequoia Living, Inc., $47,910,000 for a project in Monrovia, and $60,110,348 for a development in Palm Desert.

Sequoia Living is a Bay Area nonprofit that provides older adults from all economic backgrounds with living environments and services that enrich their lives.

In Monrovia, the funds will be used to acquire, convert, and rehabilitate the 156-unit Oak Park Apartments. The one- and two-bedroom apartments will be 100% affordable to very low-income and low-income residents of Monrovia.

In Palm Desert, the funds will be used for the new construction of 121 affordable housing units at Palm Villas at Millennium. The 100% affordable units will be rent-restricted for extremely low- and low-income residents.

CSCDA worked with the cities and others to provide the housing bonds.

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.