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League-Sponsored Bond Agency Issues $43.5 Million in Tax-Exempt Bonds for Affordable Housing in Fremont and Los Angeles

January 3, 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).
 
This program provides a variety of public agencies and developers access to low-cost, tax-exempt financing and economic development tools. CSCDA recently issued $28,500,000 in tax-exempt multi-family affordable housing bonds for Warm Springs Apartments in Fremont. It also recently issued $15,000,000 in tax-exempt multi-family affordable housing bonds for Magnolia City Lights Apartments and Harbor City Lights Apartments in Los Angeles.
 
About Warm Spring Apartments
 
Warm Springs Apartments is the new construction of 102 affordable housing units by Fairfield
Residential Company, in partnership with Wakeland Housing and Development Corporation. The units will all be rent-restricted for low-income tenants of households earning 60 percent or less of the area median income. The project comprises 51 one-bedroom units, 46 two-bedroom units, four three-bedroom units and a manager’s unit.
 
CSCDA, Fairfield and Wakeland partnered with Citibank and Orrick Herrington & Sutcliffe LLP to provide the tax-exempt multi-family affordable housing bonds for the Project. The financing for the Project requires the affordability of units for low-income tenants for 55 years.
 
About City Lights Apartments
 
City Lights Apartments is an acquisition and rehabilitation of 110 scattered site multi-family affordable housing apartments by LIH Harbor Magnolia, LP. The project sponsor is Levy Affiliated Holdings (Levy). City Lights Apartments will continue to be 100 percent affordable and provide one-, two- and three-bedroom apartments to low-income residents.
 
CSCDA and Levy partnered with Boston Private Capital and Orrick, Herrington & Sutcliffe, LLP to provide tax-exempt multifamily affordable housing bonds for City Lights 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 City Lights 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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