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League-Sponsored Bond Agency Issues $18.4 Million in Tax-Except Bonds for Affordable Housing in Napa

March 9, 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 recently issued $18,460,000 in tax-exempt multifamily affordable housing bonds for Vintage at Napa Senior Apartments in Napa.
 
About
 
Vintage at Napa Senior Apartments is the acquisition and rehabilitation of 115 senior affordable housing apartments by Vintage at Napa 2, LP. Vintage Housing Development, Inc. is the project sponsor. The complex will continue to be 100 percent affordable and provide apartments to low-income senior residents.
 
CSCDA and Vintage partnered with Citibank and Orrick, Herrington & Sutcliffe, LLP to provide the tax-exempt multifamily affordable housing bonds for Vintage at Napa. 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 Vintage at Napa will maintain the affordability of units for low-income senior 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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