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League-Sponsored Bond Agency Issues Nearly $48 Million in Tax-Exempt Bonds for Affordable Housing in Oxnard and Morgan Hill

September 21, 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 $33,549,000 in tax-exempt multi-family affordable housing bonds for Channel Island Park Apartments in Oxnard and $14,000,000 in tax-exempt multi-family affordable housing bonds for The Crossings on Monterey Apartments in Morgan Hill.
 
About Channel Island Park Apartments
 
Channel Island Park Apartments is the acquisition and rehabilitation of 152 multi-family affordable housing apartments by Channel Island Apartments, L.P. The project sponsor is DeSola Capital Group (“DeSola”). The project will continue to be 100 percent affordable and provide apartments to low-income residents in Oxnard.
 
CSCDA and DeSola partnered with JLL Capital Markets and Orrick, Herrington & Sutcliffe, LLP to provide the $33,549,000 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 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:
  • 100 percent of the affordable rental housing units will be rent restricted for low-income tenants;
  • The project consists of 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 $14,000,000 in tax-exempt multi-family affordable housing bonds for the project. The financing for the project 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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