CSCDA Issues $42,000,000 in Tax-Exempt Bonds for Summer Field Apartments
March 31, 2017
The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of $42,000,000 in tax-exempt multifamily affordable housing bonds for the Summer Field Apartments in Indio, California.
About Summer Field Apartments:
Summer Field Apartments (Summer Field) is an acquisition and rehabilitation of 268 multifamily affordable housing apartments by Summer Field Community Partners, LP. The project sponsor is Community Preservation Partners (CPP), an affiliate of WNC & Associates, Inc. Summer Field will continue to be 100% affordable and provide one, two, three, four and five-bedroom apartments to low-income residents in Indio, California.
About the Financing:
CSCDA and CPP partnered with Jones, Lang LaSalle Multifamily to provide the $42 Million in tax-exempt multifamily affordable housing bonds for Summer Field. 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 Summer Field 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
For more information about CPP please visit: www.cpp-housing.com
to download a PDF version of this announcement
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