League of California Cities Inc.

11/06/2024 | News release | Distributed by Public on 11/06/2024 15:02

Cal Cities-sponsored bond agency issues over $48 million in affordable housing bonds

The California Statewide Communities Development Authority (CSCDA) recently issued over $48 million in affordable housing bonds to support affordable housing initiatives in Los Angeles. These bonds fund the acquisition and rehabilitation of three multifamily properties, all of which will continue to offer 100% affordable housing for extremely low-income and low-income residents.

CSCDA allocated $19,460,000 in tax-exempt bonds for the Panorama View Apartments, providing 89 studio and one-bedroom units. An additional $15,800,000 was issued for the Two Worlds Apartments, preserving 96 units with studio, one-bedroom, and two-bedroom options. Finally, $12,900,000 in bonds was dedicated to the Second St. Andrews Apartments, maintaining 65 units with similar studio and multi-bedroom options.

CSCDA worked with Los Angeles and others to provide the housing bonds. The financing for the apartments requires the affordability of the units 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. More than 530 cities, counties, and special districts are program participants in CSCDA, which serves as their conduit issuer and provides access to efficiently financed, locally approved projects.

Visit the organization's website to learn how CSCDA can help your city.