Cal Cities-sponsored bond agency issues more than $400 million in tax-exempt bonds for workforce housing and affordable senior housing communities

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 workforce housing in Fairfield and renovate senior housing in Berkeley. It also issued tax-exempt bonds for a nonprofit developer, owner, and operator of senior housing communities located throughout California. Collectively, the three issuances total $412,220,000.

Workforce housing in Fairfield

CSCDA issued $84,275,000 in tax-exempt Essential Housing Revenue Bonds to obtain the Waterscape Apartments in Fairfield. The 180-unit multifamily residential rental community was constructed in 1990 and includes a swimming pool, spa, picnic area with BBQ grills, fireplace with lounge seating, package concierge, clubhouse, business center, fitness center, playground, and dog park. CSCDA partnered with the City of Fairfield and others for the acquisition and issuance of bonds. One and two-bedroom units will be restricted for middle- to moderate-income households earning less than 80%, 100%, and 120% of the area median income.

Affordable senior housing communities

The joint powers authority issued $22,380,000 in tax-exempt affordable housing bonds for the Harriet Tubman Terrace Apartments in Berkeley. The Harriet Tubman Terrace Apartments will continue to be 100% affordable, providing studio and one-bedroom apartments to low-income senior residents. The project will also undergo extensive interior and exterior renovations. The financing will maintain the affordability of units for low-income senior tenants for an additional 55 years.

CSCDA also issued $305,565,000 in tax-exempt bonds for Front Porch Communities and Services. The nonprofit’s continuing care retirement communities serve approximately 4,000 residents throughout California with a variety of income levels by providing them a place to live, along with personal care through its independent living, assisted living, memory care, and care center accommodations.

The joint powers authority partnered with the nonprofit and others to refinance existing bonds in connection with Front Porch’s recent affiliation with the senior communities. The refinancing will accrue to the current residents through lower interest cost on outstanding fixed-rate debt, a more stable capital structure by refunding outstanding variable rate debt to a long-term, fixed interest rate.

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.