CSCDA Issues $35,000,000 in Tax-Exempt Bonds for Agave at Elk Grove Apartments

January 23, 2020

The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of $35,000,000 in tax-exempt multifamily affordable housing bonds for Agave at Elk Grove Apartments in Elk Grove, California.

About Agave at Elk Grove Apartments:

Agave at Elk Grove Apartments is the acquisition and rehabilitation of 188 senior affordable housing apartments by Agave by Vintage, LP.  The project sponsor is Vintage Housing Development, Inc.  Agave at Elk Grove will continue to be 100% affordable and provide apartments to low-income residents in Elk Grove.

About the Financing:

CSCDA and Vintage Housing partnered with Citibank and Orrick, Herrington & Sutcliffe, LLP to provide the $35,000,000 in tax-exempt multifamily affordable housing bonds for Agave at Elk Grove.  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 Agave at Elk Grove 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 530 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 $63 billion in tax exempt bonds for projects that provide a public benefit by creating jobs, affordable housing, healthcare, infrastructure, schools and other fundamental services.

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