Cal Cities-sponsored bond agency issues more than $65 million in tax-exempt bonds for housing

The California Statewide Communities Development Authority (CSCDA) issued over $65 million in tax-exempt and taxable affordable housing bonds in Palm Desert and Dixon. CSCDA partnered with the cities and others for the acquisition of the properties and issuance of bonds.

CSCDA issued $44,363,541 in tax-exempt and taxable affordable housing bonds for Gerald Ford Apartments in Palm Desert. Gerald Ford Apartments is the new construction of 150 two- and three-bedroom affordable housing units. The rental units will be 100% rent restricted for low- and very low-income residents. Units will be reserved for households earning less than 30%, 50%, 60%, and 70% of the area median income.

The joint powers authority also announced the issuance of $20,940,000 in tax-exempt and taxable affordable housing bonds for Silvey Villas at Homestead — 72 new one- and two-bedroom affordable housing units — in Dixon. The rental units will be 100% rent restricted for low- and very low-income senior residents. Units will be reserved for seniors earning less than 30%, 50%, and 60% of the area median income.

The financing for both the Gerald Ford Apartments and Silvey Villas at Homestead requires the affordability of the units for low- 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.