CSCDA Issues $31,500,000 in Tax-Exempt Bonds for Park Crest Apartments

May 4, 2021

The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of $31,500,000 in tax-exempt multifamily affordable housing bonds for Park Crest Apartments in San Diego, California.

About Park Crest Apartments:

Park Crest Apartments is the acquisition and rehabilitation of 140 affordable housing apartments by Fairfield Park Crest, LP.  The project sponsor is Fairfield Residential Company (Fairfield).  Park Crest Apartments will remain 100% affordable and provide apartments to low-income residents in San Diego.

About the Financing:

CSCDA and Fairfield partnered with Citibank and Orrick, Herrington & Sutcliffe, LLP to provide the $31,500,000 in tax-exempt multifamily affordable housing bonds for Park Crest 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 Crest Apartments 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 $65 billion in tax exempt bonds for projects that provide a public benefit by creating jobs, affordable housing, healthcare, infrastructure, schools and other fundamental services.

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