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League-Sponsored Bond Agency Issues Approximately $24 Million in Tax-Exempt Bonds for Affordable Housing in Lake Elsinore

April 11, 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 $24,270,000 in tax-exempt and taxable multi-family affordable housing bonds for Cottages at Mission Trail Apartments in Lake Elsinore. 
 
About Cottages at Mission Trail Apartments
 
Cottages at Mission Trail Apartments is the new construction of 143 multi-family affordable housing units by Civic Partners. The benefits of the project for the City of Lake Elsinore include the following:
  • 100 percent of the affordable rental housing units will be rent restricted for low-income tenants;
  • The project consists of 38 two-bedroom units, 104 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 Civic Partners partnered with Red Stone Tax Exempt Funding and Orrick Herrington & Sutcliffe LLP to provide $24,270,000 in 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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