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CSCDA Issues $10,815,161 in Tax-Exempt Bonds for Hemet Vistas Apartments


April 21, 2017

The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of $10,815,161 in tax-exempt multifamily affordable housing bonds for the Hemet Vistas Apartments in Hemet, California.
 
About Hemet Vistas Apartments:

Hemet Vistas Apartments (Hemet Vistas) is an acquisition and rehabilitation of 143 multifamily affordable housing apartments by Hemet Vistas 1&2R Partners, LP.  The project sponsor is Palm Communities.  Hemet Vistas will continue to be 100% affordable and provide apartments to low-income residents in Hemet, California.
 
About the Financing:

CSCDA and Palm Communities partnered with Chase Bank to provide $10.8 million in tax-exempt multifamily affordable housing bonds for Hemet Vistas.  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 Hemet Vistas 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 California State Association of Counties and the League of California Cities.  More than 500 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 $57 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 Palm Communities please visit: www.palmcommunities.com

CLICK HERE to download a PDF version of this announcement


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