April 17, 2020
The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of $15,650,000 in tax-exempt multi-family affordable housing bonds for Pacific Palms Apartments in Palm Springs, California.
About Pacific Palms Apartments:
Pacific Palms is the acquisition and rehabilitation of 140 multifamily affordable housing apartments by Pacific Palms Apartments, LP. The project sponsor is Spira Equity Partners (Spira). Pacific Palms will continue to be 100% affordable and provide one-bedroom, two-bedroom and three-bedroom apartments to low-income residents in Palm Springs, California.
About the Financing:
CSCDA and Spira partnered with Capital One Bank to provide tax-exempt multifamily affordable housing bonds for Pacific Palms. 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 Pacific Palms 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 Spira, please visit: www.spiraequitypartners.com
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