Cal Cities-sponsored bond agency issues $61.5 million in tax-exempt bonds for housing in San Bernardino and Buena Park

By Cal Cities Staff

The California Statewide Communities Development Authority (CSCDA) recently announced the issuance of over $61 million in affordable housing bonds for apartments in the cities of San Bernardino and Buena Park.

In San Bernardino, CSCDA issued $33,060,500 in affordable housing bonds for Arrowhead Grover Phase IV Apartments.

The new construction of 92 affordable housing units will be rent restricted for extremely low and low-income residents. The one-, two-, and three-bedroom units will be reserved for families earning less than 30% to 80% of the area median income.

CSCDA also issued $28,500,000 in affordable housing bonds for Dorado Senior Apartments in Buena Park. The 150 multifamily affordable housing apartments will continue to be 100% affordable and provide one- and two-bedroom apartments to extremely low-income and low-income senior residents.

The joint powers authority partnered with the cities of San Bernardino, Buena Park, and others to provide the bonds. The financing of the apartments will maintain the affordability of units for low-income tenants for an additional 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.