Cal Cities-sponsored bond agency issues $17 million in tax-exempt bonds for housing in Lake Forest
The California Statewide Communities Development Authority (CSCDA) announced the issuance of $17,686,200 in tax-exempt and taxable multifamily affordable housing bonds for Meadows Seniors Apartments in Lake Forest.
Meadows Senior Apartments is the new construction of 65 one- and two-bedroom affordable housing units. The apartments will be 100% rent restricted for extremely low and low-income senior tenants — those earning less than 30% to 60% of the area median income.
CSCDA partnered with the city of Lake Forest and others to provide affordable housing bonds for the apartments. The financing for Meadows Senior Apartments requires the affordability of units for low-income senior tenants to be maintained for 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.