CSCDA Issues $10,336,000 in Tax-Exempt Bonds for Marygold Gardens Apartments
January 30, 2017
The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of $10,336,000 in tax-exempt multi-family affordable housing bonds for Marygold Gardens Apartments in Fontana, California.
About Marygold Gardens Apartments:
Marygold Gardens Apartments is an acquisition and rehabilitation of 79 multifamily affordable housing apartments by Marygold Associates II, LP. The project sponsor is Intercontinental Affordable Housing (IAHI). Marygold Gardens will continue to be 100% affordable and provide apartments to low-income residents in Fontana, California.
About the Financing:
CSCDA and IAHI partnered with Jones, Lang LaSalle Multifamily to provide tax-exempt multifamily affordable housing bonds for Marygold Gardens. 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 Marygold Gardens will maintain the affordability of units for low-income tenants for 55 years.
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
to download a PDF version of this announcement
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