Cal Cities-sponsored bond agency issues more than $167 million in tax-exempt bonds for housing in Santa Maria, Riverside, and West Hollywood
The California Statewide Communities Development Authority (CSCDA) recently announced the issuance of $55,221,000 in tax-exempt affordable housing bonds to construct affordable housing in Santa Maria and Riverside. The joint powers authority also issued $111,915,000 in tax-exempt Essential Housing Revenue Bonds to acquire Crescent Apartments in West Hollywood, which will be converted into workforce housing.
Santa Maria
In Santa Maria, CSCDA issued $32,221,000 in tax-exempt affordable housing bonds to construct Centennial Gardens. The 160-unit affordable housing project consists of two-, three-, and four-bedroom units. Units will be reserved for households earning less than 30%, 50%, 60%, and 70% of the area median income.
The joint powers authority partnered with the city of Santa Maria and others for the issuance of bonds. The financing requires that the affordability of the units for low and very-low-income tenants be maintained for 55 years.
Riverside
CSCDA also provided $23,000,000 in tax-exempt multi-family affordable housing bonds for the construction of Vista de la Sierra Apartments in Riverside. The 93-unit development consists of one-, two-, and three-bedroom units, as well as a manager’s unit. Units will be restricted to households earning less than 30%, 50%, or 60% of the area median income.
The organization partnered with the city and others for the issuance of housing bonds. The financing requires that the affordability of units for very-low- and low-income tenants be maintained for 55 years.
West Hollywood
CSCDA also issued $111,915,000 in tax-exempt Essential Housing Revenue Bonds to acquire Crescent Apartments in West Hollywood. The 130-unit multifamily residential rental community includes a fitness center, swimming pool, spa, cabanas, clubhouse, and courtyard. All units will be converted into workforce housing for households earning less than 80%, 100%, and 120% of the area median income.
The joint powers authority partnered with West Hollywood and others for the acquisition of the property and issuance of bonds. Due to the area’s high rents, the program was customized to utilize the city’s existing waitlist of qualifying tenants.
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.