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CSCDA Issues $16,500,000 in Tax-Exempt Bonds for LA78 Apartments


November 16, 2018

The California Statewide Communities Development Authority (“CSCDA”) is pleased to announce the issuance of $16,500,000 in tax-exempt multifamily affordable housing bonds for LA78 Apartments in Los Angeles, California.
 
About LA78 Apartments:

LA78 Apartments (the “Project”) is the acquisition and rehabilitation of 78 scattered site multifamily affordable housing apartments by LA78, LP.  The project sponsor is Community Development Partners (“CDP”).  The Project will continue to be 100% affordable and provide apartments to low-income residents in Los Angeles.
 
About the Financing:

CSCDA and CDP partnered with Berkadia Commercial Mortgage and Orrick, Herrington & Sutcliffe, LLP to provide the $16,500,000 in tax-exempt multifamily affordable housing bonds for the Project.  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 the Project 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 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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