Cal Cities-sponsored bond agency issues over $97 million in affordable housing bonds

By Cal Cities Staff

The California Statewide Communities Development Authority (CSCDA) issued over $97 million in affordable housing bonds for the cities of Folsom, El Cajon, and Yorba Linda.

In Folsom, the joint powers authority issued $32,533,000 in tax-exempt multifamily affordable housing bonds for Vintage at Folsom Apartments for the new construction of 136 housing units. The one- and two-bedroom units will be rent restricted for extremely low-income and low-income senior tenants and reserved for households earning less than 30%, 50%, or 60% of the area median income.

CSCDA issued $42,910,000 in tax-exempt multifamily affordable housing bonds for the Lexington Green Apartments in El Cajon. The 144 multifamily affordable housing apartments will be 100% affordable and provide one-, two-, and three-bedroom apartments to low-income residents.

In Yorba Linda, it issued $21,806,213 in tax-exempt and taxable multifamily affordable housing bonds for Villa Plumosa Apartments. The funding will allow Villa Plumosa to remain 100% affordable and provide two- and three-bedroom apartments to low-income residents.

CSCDA worked with the cities 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.