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League-Sponsored Bond Agency Issues $14 Million in Tax-Exempt Bonds for Affordable Housing in Morgan Hill

August 30, 2018
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).
 
CSCDA announced the issuance of $14,000,000 in tax-exempt multi-family affordable housing bonds for the Crossing on Monterey Apartments in Morgan Hill.
 
About the Crossings on Monterey Apartments
 
The Crossings on Monterey Apartments is the new construction of 39 affordable housing units by Urban Housing Communities (UHC). The benefits of the project for the City of Morgan Hill include the following:
  • The affordable rental units will be rent restricted for low-income tenants.
  • The project comprises five one-bedroom units, 18 two-bedroom units, 15 three-bedroom units, and a manager’s unit; and
  • All of the units will be restricted to households earning 60 percent or less of the area median income.  
CSCDA and UHC partnered with Citibank and Orrick Herrington & Sutcliffe LLP to provide the tax-exempt multi-family affordable housing bonds for the project. The financing requires the affordability of units for low-income tenants to be maintained for 55 years. 
 
About CSCDA
 
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 530 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 $60 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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