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League-Sponsored Bond Agency Issues $66.1 Million in Tax-Exempt Bonds for Affordable Housing in Roseville, Los Angeles and Hospital in Montebello

May 12, 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 $66,153,000 in tax-exempt multi-family affordable housing bonds for Campus Oaks Phase 1 Apartments in Roseville, Boyle & Jewell Terrace Apartments in Los Angeles and tax-exempt bonds for Beverly Hospital located in Montebello.
 
About Campus Oaks Phase I Apartments
 
Campus Oaks Phase 1 Apartments is the new construction of 185 mixed income housing units by Scott Canel & Associates (Canel). The units will include:
  • 22 percent of the rental housing units will be rent restricted for low-income tenants;
  • Income restricted apartments will comprise one- and two-bedroom units; and
  • The project includes swimming pools, a fitness center, kitchen and clubhouse.
CSCDA and Canel partnered with Sterling Bank, Southern Bank, and Kutak Rock, LLP to provide the $37,213,000 in tax-exempt 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.
 
About Beverly Hospital
 
Beverly Hospital (Beverly) is a not-for-profit, leading and independent 224-bed acute care facility that is proud of the medical services and comfort provided to patients. From emergency room and hospitalization to outpatient procedures, Beverly offers a full range of services with the latest technology on diagnostic and treatment options. A medical staff of over 350 physicians, representing a wide spectrum of specialties, is supported by experienced and dedicated employees and volunteers, who strive to deliver high-tech, high-touch services, preventive education and patient care.
 
CSCDA partnered with Wells Fargo Securities and Squire Patton Boggs to provide the $19,840,000 in tax-exempt bonds for Beverly. The proceeds of the investment grade rated bonds will be used for renovations to Beverly’s maternity health department and post-partum rooms, expansion of the emergency room department, installation of a new central plant chiller, and overall facility upgrades.
 
About Boyle & Jewell Terrace Apartments
 
Boyle & Jewell Terrace Apartments is an acquisition and rehabilitation of 67 multi-family affordable housing apartments by Boyle Terrace Affordable Apartments, LP. The project sponsor is Intercontinental Affordable Housing (IAHI). Boyle & Jewell Terrace 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 Boyle & Jewell Terrace 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 Boyle & Jewell Terrace 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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