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CSCDA Issues $10,793,254 in Tax-Exempt Bonds for The Promenade Apartments


April 24, 2017

The California Statewide Communities Development Authority (“CSCDA”) is pleased to announce the issuance of $10,793,254 in tax-exempt multifamily affordable housing bonds for The Promenade Apartments in West Covina, California.
 
About The Promenade Apartments:

The Promenade Apartments (“Promenade”) is an acquisition and rehabilitation of 124 multifamily affordable housing apartments by The Promenade Housing Partners, L.P.  The project sponsor is National Community Renaissance of California (“National CORE”).  Promenade will continue to be 100% affordable and provide apartments to low-income residents in West Covina, California.
 
About the Financing:

CSCDA and National CORE partnered with Bank of the West and Orrick, Herrington & Sutcliffe, LLP to provide the $10.7 million in tax-exempt multifamily affordable housing bonds for Promenade.  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 Promenade 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 National CORE please visit: www.nationalcore.org

CLICK HERE to download a PDF version of this announcement

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