Cal Cities-sponsored bond agency issues more than $25 million in tax-exempt bonds for affordable housing in rural areas

Dec 15, 2021

The California Statewide Communities Development Authority (CSCDA) announced the issuance of $25,500,000 in affordable housing bonds to acquire and rehabilitate affordable housing in the cities of Oroville, Brawley, and Willows. The financing will maintain the affordability of each property for low-income tenants for an additional 55 years.

CSCDA issued $5,900,000 and $6,100,000 in tax-exempt and taxable housing bonds to acquire Oroville Apartments and Oroville Manor in Oroville. Comprised of 62 units, Oroville Apartments provides one-, two-, and three-bedroom apartments to low-income residents. Oroville Manor — 72 units — provides studio and one-bedroom apartments to low-income senior residents. Both sites will undergo interior and exterior renovations so that residents have an updated, safe, and affordable community to call home for years to come.

The joint powers authority issued $8,000,000 in tax-exempt and taxable housing bonds for Spring Encino Apartments in Brawley. The soon-to-be renovated 96-unit housing complex provides one- and two-bedroom apartments to low-income residents. CSCDA also issued $5,500,000 in tax-exempt and taxable housing bonds for Willow Oaks Apartments in Willows. The 96-unit community is made up of one-, two-, and three-bedroom apartments.

The joint powers authority partnered with the cities and others for the acquisition of the properties and issuance of bonds.

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.