February 11, 2021 The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of $35,500,000 in tax-exempt multi-family affordable housing bonds for
The California Statewide Communities Development Authority (CSCDA) was created in 1988, under California’s Joint Exercise of Powers Act, to provide California’s local governments with an effective tool for the timely financing of community-based public benefit projects.
Currently, more than 530 cities, counties and special districts have become Program Participants to CSCDA – which serves as their conduit issuer and provides access to an efficient mechanism to finance locally-approved projects. CSCDA has issued more than $65 billion in tax-exempt bonds to help local governments build community infrastructure, provide affordable housing, create jobs, make access available to quality healthcare and education, and more. CSCDA provides an important resource to our local government members.
Independent Registered Municipal Advisor Exemption
By publicly posting the following written disclosure, CSCDA and its affiliates intend that market participants receive and use it for purposes of the independent registered municipal advisor exemption to the SEC Municipal Advisor Rule. CSCDA has retained an independent registered municipal advisor. CSCDA is represented by and will rely on its municipal advisor Bridge Strategic Partners LLC to provide advice on proposals from financial services firms concerning the issuance of municipal securities and municipal financial products. This certificate may be relied upon until December 31, 2022. Proposals may be addressed to CSCDA care of any of the Program Staff listed on CSCDA’s Contact Us webpage.
PUBLIC AGENCY PROGRAMS
This program offers tax-exempt lease financing to public agencies for capital projects, and equipment without the traditional expense or complexity of other finance mechanisms.
CSCDA offers a pooled securitization program for local agencies, assisting them in bonding against future payments, allowing them to fund and complete projects today. Borrowers will benefit from reduced issuance costs and better interest rates. The program does not require a pledge of the local agency’s General Fund.
PRIVATE ACTIVITY PROGRAMS
Qualified nonprofit organizations can access low-cost, tax-exempt bonds to finance or refinance the acquisition, construction, installation, expansion or rehabilitation of land, buildings, and equipment. A 501(c)(3) nonprofit organization can finance projects at a lower interest rate than conventional financing because the interest paid to bondholders is exempt from federal (and in some instances state) income taxes.
This program offers companies seeking cost-effective, tax-exempt capital to finance the acquisition and rehabilitation, construction of, or the acquisition of new equipment for solid waste, airport and other exempt facilities.
For-profit and nonprofit developers can access tax-exempt bonds for the financing of low-income multifamily and senior housing projects. The Bonds may be used to finance or refinance the acquisition and rehabilitation of an existing project or for the construction of a new project, provided the developer agrees to set aside all, or a portion, of the units in a project for individuals and families of very low, low or moderate income.
PACE FINANCE PROGRAMS
CSCDA’s OPEN PACE program is a turnkey resource for property owners to finance clean energy projects. PACE is a financing tool that allows residential and commercial property owners to secure upfront funding for energy and water-saving improvements, which they repay through a voluntary contractual assessment lien on their property tax bill. Please click here for more information about the program.
INFRASTRUCTURE FINANCE PROGRAMS
SCIP allows participating local agencies to receive impact fees prior to development, while property owners repay the tax-exempt obligation over a thirty year bond term. SCIP may eliminate the need for local agencies to negotiate deferral fee agreements.
The Mello-Roos Community Facilities Act of 1982 permits CSCDA to establish a Mello-Roos Community Facilities District (a “CFD”) which allows for financing of public improvements and services. The services and improvements that Mello-Roos CFDs can finance include streets, sewer systems and other basic infrastructure, police protection, fire protection, ambulance services, schools, parks, libraries, museums and other cultural facilities.
CSCDA Issues $174,450,000 in Taxable Bonds for the California Independent System Operator Corporation (CAISO)
January 26, 2021 The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of $174,450,000 in taxable bonds for the California Independent
CSCDA Issues $10,180,000 in Tax-Exempt Multi-Family Affordable Housing Bonds for Pleasant Village Apartments
January 14, 2021 The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of $10,180,000 in tax-exempt affordable housing bonds for Pleasant
CSCDA Issues $24,500,000 in Tax-Exempt Multi-Family Affordable Housing Bonds for Washington Court Apartments
January 12, 2021 The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of $24,500,000 in tax-exempt affordable housing bonds for Washington
CSCDA Issues $27,333,716 in Tax-Exempt Multi-Family Affordable Housing Bonds for Childs & B Street Apartments
December 15, 2020 The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of $27,333,716 in tax-exempt multi-family affordable housing bonds for