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CSCDA Issues $7,560,000 in Tax-Exempt Bonds for Sierra Garden Apartments


August 11, 2017

The California Statewide Communities Development Authority (“CSCDA”) is pleased to announce the issuance of $7,560,000 in tax-exempt multifamily affordable housing bonds for Sierra Garden Apartments in South Lake Tahoe, California.
 
About Sierra Garden Apartments:

Sierra Garden Apartments is an acquisition and rehabilitation of 76 multifamily affordable housing apartments by SLTSG Apartment Investors, LP.  The project sponsor is Pacific Development Group.  Sierra Garden Apartments will continue to be 100% affordable and provide apartments to low-income residents in South Lake Tahoe.
 
About the Financing:

CSCDA and Pacific Development Group partnered with Citibank and Orrick, Herrington & Sutcliffe, LLP to provide the $7,560,000 in tax-exempt multifamily affordable housing bonds for Sierra Garden Apartments.  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 Sierra Garden Apartments 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 $58 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 Pacific Development Group please visit: http://www.pacificdg.com
 
CLICK HERE to download a PDF version of this announcement

 
 


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