Cal Cities-sponsored bond agency issues over $100 million in affordable housing bonds

The California Statewide Communities Development Authority (CSCDA) issued over $100 million in affordable housing bonds for the cities of Wildomar and Palm Desert. 

In Wildomar, the joint powers authority issued $25,351,486 in tax-exempt, affordable housing bonds for Tres Lagos Apartments for the construction of 88 affordable housing units. The one-, two, and three-bedroom apartments will be rent-restricted for low- and very low-income residents and reserved for families earning less than 30%, 50%, and 60% of the area median income.

For Palm Desert, CSCDA issued $74,000,000 in tax-exempt and taxable multifamily affordable housing bonds for Crossings at Palm Desert Apartments — 176 new units of affordable housing. Eighty percent of the units will be rent-restricted for extremely low- and very low-income tenants. The project includes one, two- and three-bedroom units, as well as two managers units.

CSCDA worked with the cities and others to provide the housing bonds. The financing for the apartments requires the affordability of the units 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.