Workforce housing projects in Glendale and Pasadena funded through Cal Cities-sponsored bond agency’s new program
Jun 23, 2021
Workforce housing properties were acquired by the cities of Glendale and Pasadena from the issuance of more than $481.5 million in tax-exempt Essential Housing Revenue Bonds through the California Statewide Communities Development Authority’s (CSCDA) new Workforce Housing Program.
The projects will be converted to rent-restricted units for low and middle-income tenants.
About Link Apartments
Constructed in 2020, the Link Apartments in Glendale provide a 143-unit multifamily residential rental community containing 13,520 square feet of retail space and 236 parking spaces. The property includes a clubhouse lounge, fitness center, pet bath station, courtyard, resort-style swimming pool, and spa.
CSCDA partnered with the city of Glendale and others in connection with the acquisition of the project and issuance of $95,545,000 in tax-exempt bonds. The project guarantees one-, and two-bedroom units will be restricted for households earning less than 80%, 100%, and 120% of the area median income (AMI).
About Westgate Apartments and The Hudson Apartments
Constructed in 2015, the Westgate Apartments in Pasadena, provide a 340-unit multifamily residential rental community. This property includes 747 parking spaces, clubhouses, fitness centers, an outdoor pool and spa, fire pits, and grilling areas.
Constructed in 2018, the Hudson Apartments, also in Pasadena, provide a 173-unit multifamily residential rental community. This property includes 275 parking spaces, clubhouses, fitness centers, an outdoor pool and spa, fire pits, grilling areas, and activity rooms.
The two projects guarantee that studio, one-, two-, and three-bedroom units will be restricted for households earning less than 80%, 100%, and 120% of the AMI.
CSCDA partnered with the city of Pasadena and others in connection with the acquisition of the properties and issuance of $385,985,000 in tax-exempt bonds.
About CSCDA’s Workforce Housing Program
Since its beginning, CSCDA has financed the construction or preservation of nearly 100,000 affordable units throughout California. Despite these efforts, affordable housing for all income levels remains in short supply.
Workforce housing is intended for those that have been termed the "missing middle" – individuals and families that earn too much to qualify for traditional affordable housing, but not enough to afford market-rate rents in the communities where they work.
Workforce housing is for middle-income or moderate-income individuals and families typically earning between 80 percent and 120 percent AMI. Unfortunately, workforce housing is not eligible for tax credits, private activity bonds, or most other federal, state, or local government subsidies.
Through CSCDA's Workforce Housing Program, government bonds are issued to acquire market-rate apartment buildings. These properties are then converted to income and rent-restricted units for moderate and middle income households. Annual rent increases are capped at no more than 4 percent, which is less than the rent limits under AB 1482, the recently adopted state tenant-protection legislation. Additionally, no existing tenants are displaced under the program.
The League of California Cities’ co-sponsorship of CSCDA continues to be a significant benefit for Cal Cities members. CSCDA has issued more than $63 billion in tax-exempt bonds for projects that provide a public benefit by creating jobs, affordable housing, healthcare, infrastructure, schools, and other fundamental services.
CSCDA is a joint powers authority created in 1988 and is sponsored by Cal 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 CSCDA’s website for additional information on the ways in which CSCDA can help your city.
About Link Apartments
Constructed in 2020, the Link Apartments in Glendale provide a 143-unit multifamily residential rental community containing 13,520 square feet of retail space and 236 parking spaces. The property includes a clubhouse lounge, fitness center, pet bath station, courtyard, resort-style swimming pool, and spa.
CSCDA partnered with the city of Glendale and others in connection with the acquisition of the project and issuance of $95,545,000 in tax-exempt bonds. The project guarantees one-, and two-bedroom units will be restricted for households earning less than 80%, 100%, and 120% of the area median income (AMI).
About Westgate Apartments and The Hudson Apartments
Constructed in 2015, the Westgate Apartments in Pasadena, provide a 340-unit multifamily residential rental community. This property includes 747 parking spaces, clubhouses, fitness centers, an outdoor pool and spa, fire pits, and grilling areas.
Constructed in 2018, the Hudson Apartments, also in Pasadena, provide a 173-unit multifamily residential rental community. This property includes 275 parking spaces, clubhouses, fitness centers, an outdoor pool and spa, fire pits, grilling areas, and activity rooms.
The two projects guarantee that studio, one-, two-, and three-bedroom units will be restricted for households earning less than 80%, 100%, and 120% of the AMI.
CSCDA partnered with the city of Pasadena and others in connection with the acquisition of the properties and issuance of $385,985,000 in tax-exempt bonds.
About CSCDA’s Workforce Housing Program
Since its beginning, CSCDA has financed the construction or preservation of nearly 100,000 affordable units throughout California. Despite these efforts, affordable housing for all income levels remains in short supply.
Workforce housing is intended for those that have been termed the "missing middle" – individuals and families that earn too much to qualify for traditional affordable housing, but not enough to afford market-rate rents in the communities where they work.
Workforce housing is for middle-income or moderate-income individuals and families typically earning between 80 percent and 120 percent AMI. Unfortunately, workforce housing is not eligible for tax credits, private activity bonds, or most other federal, state, or local government subsidies.
Through CSCDA's Workforce Housing Program, government bonds are issued to acquire market-rate apartment buildings. These properties are then converted to income and rent-restricted units for moderate and middle income households. Annual rent increases are capped at no more than 4 percent, which is less than the rent limits under AB 1482, the recently adopted state tenant-protection legislation. Additionally, no existing tenants are displaced under the program.
The League of California Cities’ co-sponsorship of CSCDA continues to be a significant benefit for Cal Cities members. CSCDA has issued more than $63 billion in tax-exempt bonds for projects that provide a public benefit by creating jobs, affordable housing, healthcare, infrastructure, schools, and other fundamental services.
CSCDA is a joint powers authority created in 1988 and is sponsored by Cal 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 CSCDA’s website for additional information on the ways in which CSCDA can help your city.