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CSCDA Issues $16,700,000 in Tax-Exempt Bonds for Aqua Apartments


April 26, 2019

The California Statewide Communities Development Authority (“CSCDA”) is pleased to announce the issuance of $16,700,000 in tax-exempt multifamily affordable housing bonds for Aqua Apartments in Santa Ana, California.
 
About Aqua Apartments:

Aqua Apartments (the “Project”) is the new construction of 57 multifamily affordable housing apartments by Aqua Housing, LP.  The project sponsor is Community Development Partners (“CDP”).  The benefits of the Project for the City of Santa Ana include the following:
 
  • 100% of the affordable rental housing units will be rent restricted for low-income tenants.
  • The Project consists of 12 studios, 44 one-bedroom, and a manager’s unit.
  • All of the units will be restricted to households earning 60% or less of the area median income.
 
About the Financing:

CSCDA and CDP partnered with Citibank and Orrick, Herrington & Sutcliffe, LLP to provide the $16,700,000 in tax-exempt multifamily 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 California State Association of Counties and the League of California Cities.  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.

 
For more information about CSCDA please visit: www.cscda.org
 
For more information about CDP please visit: www.communitydevpartners.com
 
CLICK HERE to download a PDF version of this announcement


 
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