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League-Sponsored Bond Agency Issues $37.48 Million in Tax-Exempt Bonds for Affordable Housing in Los Angeles

February 10, 2017
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 a total of $37,480,000 in tax-exempt multi-family affordable housing bonds for the Watts Arms I Apartments and Columbia Apartments in Los Angeles.
 
About Watts Arms I Apartments
 
Watts Arms I Apartments (Watts Arms) is an acquisition and rehabilitation of 104 multi-family affordable housing apartments by Watts Arms I Renewal, LP. The project sponsor is the National Foundation for Affordable Housing Solutions (the Foundation). Watts Arms will continue to be 100 percent affordable and provide apartments to low-income residents in Los Angeles.
 
CSCDA and the Foundation partnered with Stifel to underwrite the $19.48 million in tax-exempt multi-family affordable housing bonds for Watts Arms. The project will undergo an extensive interior and exterior renovation ensuring that residents have an updated, safe, and affordable community to call home for years to come. The financing of Watts Arms will maintain the affordability of units for low-income tenants for 55 years.
 
About Columbia Apartments
 
Columbia Apartments is an acquisition and rehabilitation of 122 multi-family affordable housing apartments by Columbia Associates II, LP. The project sponsor is Intercontinental Affordable Housing (IAHI). Columbia Apartments will continue to be 100 percent affordable and provide apartments to low-income residents in Los Angeles.
 
CSCDA and IAHI partnered with Jones, Lang LaSalle Multifamily to provide tax-exempt multi-family affordable housing bonds for Columbia Apartments. The project will undergo an extensive interior and exterior renovation ensuring that residents have an updated, safe, and affordable community to call home for years to come. The financing of Columbia Apartments 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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