July 28, 2022
The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of $8,363,000 in affordable housing bonds for Noble Creek Apartments in Beaumont, California.
About Noble Creek Apartments:
Noble Creek Apartments is the acquisition and rehabilitation of 72 affordable housing apartments by HPD Noble Creek II LP. The project sponsor is Highland Property Development, LLC. Noble Creek Apartments will remain 100% affordable and provide one, two and three-bedroom apartments to very low and low-income residents in Beaumont, California.
About the Financing:
CSCDA partnered with JP Morgan Chase Bank and Orrick, Herrington & Sutcliffe, LLP to provide tax-exempt housing bonds for Noble Creek 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 Noble Creek Apartments will maintain the affordability of units for very low and low-income tenants for an additional 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 $70 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 Highland, please visit www.highlandcompanies.com
CLICK HERE to download a PDF version of this announcement