Cal Cities-sponsored bond agency issues more than $35.5 million in tax-exempt bonds for affordable housing in Santa Ana

Feb 17, 2021

New affordable housing for low-income residents in the City of Santa Ana will be constructed with funding from the issuance of $35.5 million in tax-exempt and taxable multi-family affordable housing bonds through the California Statewide Communities Development Authority (CSCDA).

Legacy Square Apartments is the new construction of 93 housing units in Santa Ana, which provides the community with one-, two-, and three-bedroom apartments to low-income residents.

CSCDA and the project sponsor, National Community Renaissance, partnered with Bank of America and Orrick Herrington & Sutcliffe LLP to provide $35,500,000 million in affordable housing bonds to build the project. The project will ensure that 100 percent of the rental housing units will be rent restricted for low-income tenants, and affordable units will be restricted to households earning 30 percent, 50 percent, or 60 percent of the area median income. The financing for the project will maintain the affordability of units for low-income tenants for 55 years.

Cal Cities' co-sponsorship of CSCDA continues to be a significant benefit for cities. 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 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 finance locally-approved projects.

Visit CSCDA’s website for additional information on the ways in which CSCDA can help your city.