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League-Sponsored Bond Agency Issues More Than $10 Million in Tax-Exempt Bonds for Affordable Housing in Fontana

January 4, 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 $10,250,000 million in tax-exempt multi-family affordable housing bonds for Cascade Sonrise Apartments in Fontana.
 
About Cascade Sonrise Apartments

Cascade Sonrise Apartments is the acquisition and rehabilitation of 80 senior affordable housing apartments by Cascade Sonrise, LP. The project sponsor is Kingdom Development. Cascade Sonrise Apartments will continue to be 100 percent affordable and provide one-bedroom apartments to low-income senior residents in Fontana.
 
CSCDA and Kingdom Development partnered with Citibank and Orrick, Herrington & Sutcliffe, LLP to provide tax-exempt multi-family affordable housing bonds for Cascade Sonrise Apartments. 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 Cascade Sonrise Apartments 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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