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CSCDA Issues $42,300,000 in Tax-Exempt Bonds for Innovia Apartments


October 19, 2016

The California Statewide Communities Development Authority (“CSCDA”) is pleased to announce the issuance of $42,300,000 in tax-exempt multi-family affordable housing bonds for Innovia Apartments in Fremont, California.

About Innovia Apartments:

Innovia Apartments (the “Project”) is the new construction of 290 affordable housing units by St. Anton Communities (“St. Anton”).  The benefits of the Project for the City of Fremont and County of Alameda include the following:
 
  • 100% of the affordable rental housing units will be rent restricted for very low- and low-income tenants.
  • The Project will bring new economic vibrancy to the area.
  • The Project consists of 20 studio units, 130 one-bedroom units, 117 two-bedroom units, 20 three-bedroom units, and three manager’s units.
 
About the Financing:

CSCDA and St. Anton partnered with Citibank to provide $42,300,000 in tax-exempt multi-family affordable housing bonds for the Project.  The financing for the Project requires the affordability of units for low-income 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 $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 St. Anton, please visit: www.antoncap.com

CLICK HERE to download a PDF version of this announcement



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