Cal Cities-sponsored bond agency issues $10.8 million in tax-exempt bonds for housing in Corning and Clearlake
The California Statewide Communities Development Authority (CSCDA) announced the issuance of more than $10 million in affordable housing bonds for apartments in the cities of Corning and Clearlake.
In Corning, CSCDA issued $4,500,000 in affordable housing bonds for Valley Terrace Apartments. The apartments will undergo an extensive interior and exterior renovation to ensure that residents have an updated, safe, and affordable community to call home for years to come.
The 48-unit residential community will continue to be 100% affordable and provide one-, two-, and three-bedroom apartments to low-income residents.
The organization partnered with the city of Corning and others for the issuance of the bonds. The financing of Valley Terrace Apartments will maintain the affordability of units for low-income tenants for an additional 55 years.
CSCDA also issued $6,300,000 in affordable housing bonds for Clearlake Apartments in Clearlake. The 72-unit affordable housing community will also undergo interior and exterior renovations. Units will continue to be 100% affordable and provide one-, two-, and three-bedroom apartments to low-income residents.
The joint powers authority partnered with the city of Clearlake and others to provide the bonds. The financing of Clearlake Apartments will maintain the affordability of units for low-income tenants for an additional 55 years.
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.