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CSCDA Issues $9,200,000 in Tax-Exempt Bonds for Day Creek Villas Apartments


March 14, 2019

The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of $9,200,000 in tax-exempt multi-family affordable housing bonds for Day Creek Villas Apartments in Rancho Cucamonga, California.

About Day Creek Villas Apartments:

Day Creek Villas Apartments (the “Project”) is the new construction of 49 affordable housing units by National Community Renaissance (National CORE).  The benefits of the Project for the City of Rancho Cucamonga include the following:
 
  • 100% of the affordable rental housing units will be rent restricted for low-income senior tenants.
  • The Project consists of 46 one-bedroom units and three two-bedroom units.
  • All of the units will be restricted to households earning 60% or less of the area median income.
 
About the Financing:

CSCDA and National CORE partnered with J.P. Morgan Chase and Orrick Herrington & Sutcliffe LLP to provide $9,200,000 in tax-exempt multi-family affordable housing bonds for the Project.  The financing for the Project requires the affordability of units for low-income senior 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 National CORE, please visit: www.nationalcore.org

CLICK HERE to download a PDF version of this announcement


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