February 7, 2020
The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of $20,950,000 in tax-exempt multi-family affordable housing bonds for Desert Villas in El Centro, California.
About Desert Villas:
Desert Villas is the acquisition and rehabilitation of 172 multifamily affordable housing apartments by El Centro Affordable Communities, LP. The project sponsor is Logan Capital Advisors. Desert Villas will continue to be 100% affordable and provide two-bedroom apartments to low-income residents in El Centro, California.
About the Financing:
CSCDA and Logan Capital Advisors partnered with Citibank, N.A. to provide tax-exempt multifamily affordable housing bonds for Desert Villas. 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 Desert Villas 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 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.
For more information about CSCDA, please visit: www.cscda.org
For more information about Logan Capital Advisors, please visit: www.logancapitaladvisors.com
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