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League-Sponsored Bond Agency Issues Nearly $16.5 Million in Tax-Exempt Bonds for Affordable Housing in Los Angeles

November 26, 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).
 
The California Statewide Communities Development Authority (CSCDA) announced the issuance of $16,500,000 in tax-exempt multifamily affordable housing bonds for LA78 Apartments in Los Angeles.
 
About LA78 Apartments
 
LA78 Apartments is the acquisition and rehabilitation of 78 scattered site multi-family affordable housing apartments by LA78, LP. The project sponsor is Community Development Partners (CDP). The project will continue to be 100 percent affordable and provide apartments to low-income residents in Los Angeles.
 
CSCDA and CDP partnered with Berkadia Commercial Mortgage and Orrick, Herrington & Sutcliffe, LLP to provide the $16,500,000 in tax-exempt multi-family affordable housing bonds for the project. 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 the project will maintain the affordability of units for low-income tenants 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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