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League-Sponsored Bond Agency Issues $161.6 Million in Tax-Exempt Bonds for Affordable Housing in Newport Beach

March 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 $161,620,000 in tax-exempt multi-family affordable housing bonds for Uptown Newport Apartments in Newport Beach.
 
About Uptown Newport Apartments
 
Uptown Newport Apartments is the new construction of 455 mixed income housing units by The Picerne Group (TPG). Twenty percent of the rental housing units will be rent restricted for low-income tenants. The income-restricted apartments are comprised of studio, one-bedroom and two-bedroom units.
 
CSCDA and TPG partnered with Stern Brothers & Co. and Orrick Herrington & Sutcliffe, LLP to provide the $161,620,000 in tax-exempt and taxable multi-family affordable housing bonds for the project. The financing for the project requires the affordability of units for low-income tenants to be maintained 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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