Workforce housing projects in the city of Orange funded through Cal Cities-sponsored bond agency
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.
The California Statewide Communities Development Authority (CSCDA) announced the issuance of more than $240 million in tax-exempt Essential Housing Revenue Bonds to acquire Cameo Apartments and Garrison Apartments in the city of Orange.
Cameo Apartments, constructed in 2020, is a 262-unit multifamily residential rental community. The property includes 462 parking spaces, clubhouses, fitness centers, an outdoor pool and spa, fire pits, and grilling areas. Garrison Apartments, constructed in 2021, is a 94-unit multifamily residential rental community. The property includes 161 parking spaces, clubhouses, fitness centers, an outdoor pool and spa, fire pits, grilling areas, and activity rooms.
CSCDA partnered with the city and others for the acquisition of the properties and issuance of bonds. Studio, one-, two-, and three-bedroom units will be restricted for households earning less than 80%, 100%, and 120% of the area median income.
About workforce housing
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. Unfortunately, workforce housing is not eligible for tax credits, private activity bonds, or most other federal, state, or local government subsidies.
Since its beginning, CSCDA has financed the construction or preservation of nearly 100,000 affordable units throughout California. Through CSCDA's Workforce Housing Program, government bonds are issued to acquire market-rate apartment buildings. 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). Additionally, no existing tenants are displaced under the program.
Despite these efforts, affordable housing for all income levels remains in short supply.
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 CSCDA’s website to learn how CSCDA can help your city.