Cal Cities-sponsored bond agency issues more than $500 million in tax-exempt bonds for housing in Hawthorne and Pasadena
The California Statewide Communities Development Authority (CSCDA) announced the issuance of $188,160,000 in tax-exempt Essential Housing Revenue Bonds to acquire apartments in Hawthorne and $356,730,000 in tax-exempt bonds to acquire apartments in Pasadena. CSCDA partnered with the cities and others for the acquisition of the properties and issuance of bonds.
Constructed in 2021, Hawthorne’s Millennium South Bay Apartments is a 230-unit, multifamily residential rental community. The property includes a BBQ lounge, clubhouse, fitness center, courtyard, resort-style swimming pool, and spa. Studio, one-, and two-bedroom units will be restricted for households earning less than 80%, 100%, and 120% of the area median income.
Located in Pasadena, Westgate Phase 1 Apartments is a 480-unit, multifamily residential rental community. The property includes 747 parking spaces, clubhouses, fitness centers, an outdoor pool and spa, fire pits, and grilling areas.
CSCDA had previously acquired Phases 2 and 3 of Westgate Apartments and financed the original construction of Phase 1. Twenty percent of those units were reserved for residents earning less than 50% of the area median income; this has been extended into perpetuity. Other studio, one-, and two-bedroom units will be restricted for households earning less than 80%, 100%, and 120% of the area median income.
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.