June 11, 2020
The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of $85,000,000 in tax-exempt multifamily affordable housing bonds for Hilltop Commons Apartments in San Pablo, California.
About Hilltop Commons:
Hilltop Commons Apartments is the acquisition and rehabilitation of 324 affordable housing apartments by Fairfield Hilltop Commons, LP. The project sponsor is Fairfield Residential Company (Fairfield). Hilltop Commons will remain 100% affordable and provide apartments to low-income residents in San Pablo.
About the Financing:
CSCDA and Fairfield partnered with Citibank and Orrick, Herrington & Sutcliffe, LLP to provide the $85,000,000 in tax-exempt multifamily affordable housing bonds for Hilltop Commons. 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 Hilltop Commons 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