February 14, 2020
The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of $57,030,000 in tax-exempt multifamily affordable housing bonds for Park Villas Apartments in National City, California.
About Park Villas Apartments:
Park Villas Apartments is the acquisition and rehabilitation of 268 affordable housing apartments by Fairfield Park Villas, LP. The project sponsor is Fairfield Residential Company (Fairfield). Park Villas Apartments will continue to be 100% affordable and provide apartments to low-income residents in National City.
About the Financing:
CSCDA and Fairfield partnered with Citibank and Orrick, Herrington & Sutcliffe, LLP to provide the $57,030,000 in tax-exempt multifamily affordable housing bonds for Park Villas 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 Park Villas Apartments 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
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