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League-Sponsored Bond Agency Issues $23 Million in Tax-Exempt Bonds for Affordable Housing in Oakland

September 22, 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 $23,127,500 in tax-exempt multi-family affordable housing bonds for Lake Merritt Apartments in Oakland.
 
About Lake Merritt Apartments
 
Lake Merritt Apartments is the acquisition and rehabilitation of 55 multi-family affordable housing apartments by Lake Merritt II Preservation Limited Partnership. The project sponsor is Preservation Partners Development (PPD). Lake Merritt Apartments will continue to be 100 percent affordable and provide apartments to low-income residents in Oakland.
 
CSCDA and PPD partnered with Citibank and Orrick, Herrington & Sutcliffe, LLP to provide the $23,127,500 in tax-exempt multi-family affordable housing bonds for Lake Merritt 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 Lake Merritt 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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