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League-Sponsored Bond Agency Issues $27.8 Million in Tax-Exempt Affordable Housing Bonds in Fresno

December 20, 2016
Some of the most significant benefits of League membership for cities since 1988 have flowed from the League’s co-sponsorship of the California Statewide Communities Development Authority (CSCDA).
 
This program provides a variety of public agencies and developers access to low-cost, tax-exempt financing and economic development tools. CSCDA recently issued $27,791,620 in tax-exempt multifamily affordable housing bonds for Parks at Fig Garden Apartments in Fresno.
 
About Parks at Fig Garden Apartments
 
Parks at Fig Garden Apartments is an acquisition and rehabilitation of 366 multifamily affordable housing apartments by Fruit Avenue Housing Associates, LP. The project sponsor is Community HousingWorks. Parks at Fig Garden will continue to be 100 percent affordable and provide 75 one-bedroom, 229 two-bedroom, and 57 three-bedroom apartments to low-income families in Fresno.
 
CSCDA and Community HousingWorks partnered with Jones Lang LaSalle Multifamily, LLC to provide tax-exempt multifamily affordable housing bonds for Parks at Fig Garden. The rehabilitation will include extensive exterior and interior renovations which include energy and water efficiency upgrades. The financing of Northwest Manors II will maintain the affordability of units for low-income tenants for 55 years.
 
Background
 
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. It was created by cities and counties for cities and counties. More than 500 cities, counties and special districts are program participants in CSCDA, which serves as their conduit issuer and provides access to efficiently finance locally-approved projects. CSCDA has issued more than $50 billion in tax exempt bonds for projects that provide a public benefit by creating jobs, affordable housing, healthcare, infrastructure, schools and other fundamental services. Visit CSCDA’s website for additional information on the ways in which CSCDA can help your city.


 
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