Cal Cities-sponsored bond agency issues more than $400 million in tax-exempt bonds for housing in Anaheim, Santa Rosa, El Cajon, and Irvine
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) recently issued tax-exempt bonds to acquire or finance housing throughout California, including affordable housing in EL Cajon. Collectively, the four issuances total $409,125,000.
About Theo Apartments
CSCDA issued $81,065,000 in tax-exempt Essential Housing Revenue Bonds to acquire Theo Apartments in Pasadena, the city’s fourth approved project under the program. All units will be converted and restricted to low and middle-income tenants. Constructed in 2020, the 105-unit multifamily residential community includes a swimming pool, spa, fitness center, office space, rooftop sundecks, lounge, rooftop dog park, barbecue lounge, open-air lounge, bike storage, and other amenities.
The joint powers authority partnered with the city of Pasadena and others for the acquisition of the properties and issuance of bonds. Studio, one-, and two-bedroom units will be restricted for households earning less than 80%, 100%, and 120% of the area median income.
About Vineyard Gardens Apartments
The California Statewide Communities Development Authority also issued $89,430,000 in tax-exempt Essential Housing Revenue Bonds to acquire Vineyard Gardens Apartments, located in Santa Rosa. Vineyard Gardens Apartments — constructed in 1987 — is a 180-unit multifamily residential rental community. It includes a swimming pool, spa, grilling area, clubhouse, fitness center, and playground.
CSCDA partnered with the city of Santa Rosa and others for the acquisition of the properties and issuance of bonds. One- and two-bedroom units will be restricted for households earning less than 80%, 100%, and 120% of the area median income.
About Broadway Apartments
CSCDA issued $47,380,000 in tax-exempt affordable housing bonds for Broadway Apartments in El Cajon. The 213-unit property will continue to be 100% affordable and provide one-, two-, and three-bedroom apartments to low-income residents. The project will undergo extensive interior and exterior renovations to ensure that residents have an updated, safe, and affordable community to call home for years to come. The financing of Broadway Apartments will maintain the affordability of units for low-income tenants for an additional 55 years.
About UC Irvine’s new student housing
The California Statewide Communities Development Authority also issued $191,250,000 in tax-exempt revenue bonds for the construction of new student housing facilities located on the University of California, Irvine campus, and the refinancing of prior issued bonds.
The UC-Irvine East Campus Apartments are currently comprised of more than 6,500 student beds developed in four phases between 2005 and 2017. The current transaction finances the construction of the new Phase IV-B of the East Campus Apartments — approximately 1,071 additional beds for both undergraduate and graduate students. The bonds will also be used to refinance CSCDA’s outstanding 2011 bonds, issued to finance an earlier phase of student housing on the UC Irvine campus.
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 their website to learn how CSCDA can help your city.