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CSCDA Issues $11,000,000 in Tax-Exempt Bonds for Rocky Hill Veterans Apartments


December 5, 2016

The California Statewide Communities Development Authority (“CSCDA”) is pleased to announce the issuance of $11,000,000 in tax-exempt multi-family affordable housing bonds for Rocky Hill Veterans Apartments in Vacaville, California.

About Rocky Hill Veterans Apartments:

Rocky Hill Veterans Apartments (the “Project”) is the new construction of 39 affordable housing units by Community Development Partners (“CDP”).  The benefits of the Project for the City of Vacaville and County of Solano include the following:
 
  • 100% of the affordable rental housing units will be rent restricted for low-income tenants.
  • 29 units are restricted for veterans (11 of which will serve chronically homeless veterans).
  • The Project consists of 11 one-bedroom, 15 two-bedroom, and 12 four-bedroom units to house local residents, along with one manager’s unit.
 
About the Financing:

CSCDA and CDP partnered with Citibank to provide $11 million 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 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 CDP, please visit: www.communitydevpartners.com

CLICK HERE to download a PDF version of this announcement

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