Cal Cities-sponsored bond agency issues $114 million in tax-exempt bonds for housing in Oxnard and Murrieta

The California Statewide Communities Development Authority (CSCDA) issued over $114 million in affordable housing bonds for apartments in the cities of Oxnard and Murrieta.

In Oxnard, CSCDA issued $80,725,746 in tax-exempt multifamily housing bonds for Vintage at Lockwood Apartments. The new construction of 341 one and two-bedroom apartment units will be restricted for extremely low and low-income seniors earning less than 30%, 50%, or 60% of the area median income.

The organization partnered with Oxnard and others for the issuance of the bonds. The financing of Vintage at Lockwood Apartments will maintain the affordability of units for extremely low and low-income tenants for an additional 55 years.

CSCDA also issued $33,360,000 in tax-exempt and multifamily housing bonds for Oak View Ranch Apartments in Murrieta. The new construction of 119 one-, two-, and three-bedroom housing units will be restricted to households earning less than 30%, 45%, 50%, or 60% of the area median income.

The joint powers authority partnered with the city of Murrieta and others to provide the bonds. The apartments will maintain the affordability of units for extremely low and low-income tenants for an additional 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.