Cal Cities-sponsored bond agency issues more than $135 million in tax-exempt bonds for affordable housing in Irvine, Santa Ana, Oxnard, and Morgan Hill
The California Statewide Communities Development Authority (CSCDA) announced the issuance of more than $135 million in tax-exempt multifamily affordable housing bonds in the cities of Irvine, Santa Ana, Oxnard, and Morgan Hill.
Irvine
In Irvine, CSCDA issued $39,905,957 in affordable housing bonds for Lynx Family apartments. The apartments are part of a master-developed neighborhood, Great Park Neighborhoods. The vision for the project began in 1996 with the closure of the Marine Corps Air Station El Toro. CSCDA has previously issued bonds for four similar projects in the neighborhood.
The 144-unit affordable community will be restricted for extremely low- and low-income tenants. The apartments consist of one-, two-, and three-bedroom units and two managers’ units.
CSCDA partnered with the city and others to provide the tax-exempt multifamily affordable housing bonds. Although the financing requires the affordability of units for low-income residents to be maintained for 55 years, the regulatory agreement with the city requires that the units remain affordable in perpetuity.
Santa Ana
The joint powers authority also issued $40,200,000 in affordable housing bonds for Westview House in Santa Ana. The 85 housing units will be restricted to extremely low- and low-income tenants — households earning less than 30% to 60% of the area median income. The apartments will consist of one-, two-, three-, and four-bedroom units, as well as a manager’s unit.
CSCDA partnered with the city and others for the issuance of the bonds. The financing for the apartments requires that the affordability of units for extremely low-income and low-income tenants be maintained for 55 years.
Oxnard
The organization also issued $19,100,034 in affordable housing bonds for 2nd and B Street Apartments in Oxnard. The 56-unit community will be 100% rent-restricted for extremely low-income individuals — households earning less than 30% of the area median income — and those experiencing homelessness. The apartments will consist of one-, two-, and three-bedroom units, as well as a manager’s unit.
The joint powers authority partnered with the city of Oxnard to provide affordable housing bonds for the 2nd and B Street Apartments. The financing for the apartments requires the affordability of units for extremely low-income tenants to be maintained for 55 years.
Morgan Hill
Additionally, CSCDA issued 35,800,000 in affordable housing bonds for Royal Oak Village Apartments in Morgan Hill. The apartments offer 73 affordable housing units and will be restricted to households earning less than 30% and 50% of the area median income. The apartments consist of one-, two-, and three-bedroom units, as well as a manager’s unit.
CSCDA partnered with the city and others for the issuance of the bonds. The financing for the apartments requires the affordability of units for extremely low-income and very low-income tenants to be maintained for 55 years.
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.