Workforce housing project in Dublin funded through Cal Cities-sponsored bond agency

The project will be converted to rent-restricted units for low- and middle-income tenants.

A workforce housing property has been acquired in the city of Dublin from the issuance of $235 million in tax-exempt Essential Housing Revenue Bonds through the California Statewide Communities Development Authority’s (CSCDA) new Workforce Housing Program. The project will be converted to rent-restricted units for low- and middle-income tenants.  

About Waterford Place Apartments

Constructed in 2002, the Waterford Place Apartments in Dublin is a 390-unit multifamily residential rental community. The property includes 732 parking spaces, a pool and spa, a fitness center, a resident lounge, a business center with a conference room, bike storage, package service, and a recycling center.

CSCDA partnered with the city of Dublin and others for the acquisition of the project and issuance of $235,000,000 in tax-exempt bonds. The project guarantees one- and two-bedroom units will be restricted to householdarning less than 80%, 100%, and 120% of the area median income (AMI). 

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%, which is less than the rent limits under AB 1482 (Chiu 2019), 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