CSCDA Issues $20,675,000 in Tax-Exempt Bonds for Steinbeck Commons Apartments

June 3, 2021

The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of $20,675,000 in tax-exempt multifamily affordable housing bonds for Steinbeck Commons Apartments in Salinas, California.

About Steinbeck Commons Apartments:

Steinbeck Commons Apartments is the acquisition and rehabilitation of 100 affordable housing apartments by SF Steinbeck Commons, LP.  The project sponsor is MacDonald Ladd Development.  Steinbeck Commons Apartments will remain 100% affordable and provide apartments to low-income senior residents in Salinas.

About the Financing:

CSCDA and MacDonald Ladd partnered with Stifel, Berkadia, and Orrick, Herrington & Sutcliffe, LLP to provide the $20,675,000 in tax-exempt multifamily affordable housing bonds for Steinbeck Commons 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 Steinbeck Commons Apartments will maintain the affordability of units for low-income senior 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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