Cal Cities-sponsored bond agency issues over $122 million in tax-exempt bonds for housing

The California Statewide Communities Development Authority (CSCDA) issued over $122 million in tax-exempt bonds in Buellton, Wildomar, Napa, and Saratoga. CSCDA partnered with the cities and others for the acquisition of the properties and issuance of bonds.

The joint powers authority issued $26,181,249 in tax-exempt affordable housing bonds for Polo Village Apartments in Buellton. Polo Village Apartments is the new construction of 49 one-, 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 families earning less than 30%, 50%, and 60% of the area.

CSCDA also announced the issuance of $29,010,522 in tax-exempt and affordable housing bonds for Tres Lagos Apartments Phase 1 — 89 new one-, two-, and three-bedroom affordable housing units — in Wildomar. The rental units will be 100% rent restricted for low- and very low-income residents. Units will be reserved for families earning less than 30%, 50%, and 60% of the area median income.

The financing for both Polo Village Apartments and Tres Lagos Apartments requires the affordability of the units for low- and very low-income tenants to be maintained for 55 years.

The organization also issued $67,065,000 in tax-exempt bonds for Odd Fellows of California’s senior living facilities in Napa and Saratoga. Both are continuing care retirement communities, which offer a variety of residential housing, assisted living, memory care, and skilled nursing services.

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.