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League-Sponsored Bond Agency Issues $16.7 Million in Tax-Exempt Bonds for Affordable Housing in Santa Ana

April 29, 2019
The League’s co-sponsorship of the California Statewide Communities Development Authority (CSCDA) continues to be one of the most significant benefits for League members.
 
CSCDA announced the issuance of $16.7 million in tax-exempt multi-family affordable housing bonds for Aqua Apartments in Santa Ana. 
 
About Aqua Apartments
 
Aqua Apartments is the new construction of 57 multi-family affordable housing apartments by Aqua Housing, LP. The project sponsor is Community Development Partners (CDP). The project consists of 12 studios, 44 one-bedroom units and a manager’s unit, and 100 percent of the affordable rental housing units will be rent restricted for low-income tenants. All of the units will be restricted to households earning 60 percent or less of the area median income.
 
CSCDA and CDP partnered with Citibank and Orrick, Herrington & Sutcliffe, LLP to provide the $16.7 million 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. For more information about National CORE, please visit www.nationalcore.org.


 
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