Cal Cities-sponsored bond agency issues more than $48 million in tax-exempt bonds for housing

The California Statewide Communities Development Authority (CSCDA) announced the issuance of $23.1 million in tax-exempt Essential Housing Revenue Bonds to acquire apartments in Santa Fe Springs and Los Angeles, as well as $25.2 million in tax-exempt bonds to construct apartments in Roseville. CSCDA partnered with the cities and others for the acquisition of the properties and issuance of bonds.

Santa Fe Springs

CSCDA issued $9,730,000 in tax-exempt and taxable multifamily affordable housing bonds for Villa Verde Apartments in Santa Fe Springs.

Villa Verde Apartments are the acquisition and rehabilitation of 34 two- and three-bedroom affordable housing apartments. The apartments will remain 100% affordable for extremely low- and very low-income residents in Santa Fe Springs.

The units will undergo extensive interior and exterior renovation, ensuring that residents have an updated, safe, and affordable community to call home for years to come. The financing for Villa Verde Apartments requires that the affordability of units for extremely low- and very low-income tenants be maintained for 55 years.

Los Angeles

The joint powers authority also announced the issuance of $13,400,000 in tax-exempt and taxable multifamily affordable housing bonds for Harvard Gardens and Adams Blvd. Apartments in the city of Los Angeles.

Harvard Gardens and Adams Blvd. Apartments are the acquisition and rehabilitation of 48 two-, three-, and four-bedroom affordable housing units. The apartments will remain 100% affordable for extremely low- and very low-income residents in Los Angeles.

The apartments will undergo extensive interior and exterior renovation to ensure that residents have an updated, safe, and affordable community to call home for years to come. The financing for Harvard Gardens and Adams Blvd. Apartments requires that the affordability of units for extremely low- and very low-income tenants be maintained for 55 years.

Roseville

In Roseville, the organization issued $25,210,000 in tax-exempt and taxable multifamily affordable housing bonds for Hayden Parkway Apartments.

Hayden Parkway Apartments is the new construction of 94 one-, two-, and three-bedroom affordable housing apartments. The units will be rent-restricted for low- and very low-income residents — households earning less than 30%, 50%, and 60% of the area median income.

The financing of Hayden Parkway Apartments requires that the affordability of units for low and very-low-income tenants 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.