Cal Cities-sponsored bond agency issues $57 million in tax-exempt bonds for housing in Los Angeles

The California Statewide Communities Development Authority (CSCDA) announced the issuance of $57,193,456 in tax-exempt and taxable affordable housing bonds for Miramar Development Apartments in Los Angeles.

Miramar Development Apartments is the new construction of 137 studio and one-bedroom affordable housing units. The apartments will be rent-restricted for extremely-low and low-income residents — households earning less than 30% to 80% of the area median income.

CSCDA partnered with the city of Los Angeles and others to provide bonds for Miramar Development Apartments. The financing for the apartments requires the affordability of the units for 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.