December 15, 2022
The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of $13,400,000 in tax-exempt and taxable affordable housing bonds for Harvard Gardens and Adams Blvd. Apartments in Los Angeles, California.
About Harvard Gardens & Adams Blvd. Apartments:
Harvard Gardens and Adams Blvd. Apartments is the scattered site acquisition and rehabilitation of 48 affordable housing apartments by Harvard Adams Housing Partners, LP. The project sponsor is Vitus. Harvard Gardens and Adams Blvd. Apartments will remain 100% affordable and provide two, three and four-bedroom apartments to extremely low and very low-income residents in Los Angeles, California.
About the Financing:
CSCDA partnered with Colliers Securities and Orrick, Herrington & Sutcliffe, LLP to provide the affordable housing bonds for Harvard Gardens and Adams Blvd. 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 Harvard Gardens and Adams Blvd. Apartments will maintain the affordability of units for extremely low and very 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 Vitus, please visit: www.vitus.com
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