March 4, 2020
The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of $12,380,000 in tax-exempt multi-family affordable housing bonds for Orchard Park Apartments in Beaumont, California.
About Orchard Park Apartments:
Orchard Park is the acquisition and rehabilitation of 144 multifamily affordable housing apartments by Orchard Park Apartments, LP. The project sponsor is Spira Equity Partners (Spira). Orchard Park will continue to be 100% affordable and provide studio and one-bedroom and two-bedroom apartments to low-income residents in Beaumont, California.
About the Financing:
CSCDA and Spira partnered with Capital One Bank to provide tax-exempt multifamily affordable housing bonds for Orchard Park. 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 Orchard Park 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.
For more information about CSCDA, please visit: www.cscda.org
For more information about Spira, please visit: www.spiraequitypartners.com
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