Cal Cities-sponsored bond agency issues $8.3 million in tax-exempt bonds for housing in Beaumont
The California Statewide Communities Development Authority (CSCDA) announced the issuance of $8,363,000 in affordable housing bonds for Noble Creek Apartments in Beaumont.
The bonds will support the acquisition and rehabilitation of 72 affordable housing apartments. The apartments will remain 100% affordable and provide one-, two-, and three-bedroom apartments to very-low and low-income residents.
Noble Creek Apartments will also 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.
CSCDA partnered with the city of Beaumont and others to provide tax-exempt housing bonds for Noble Creek Apartments. The financing of Noble Creek Apartments will maintain the affordability of units for very low and 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.