March 7, 2023
The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of $44,363,541 in tax-exempt and taxable affordable housing bonds for Gerald Ford Apartments in Palm Desert, California.
About Gerald Ford Apartments:
Gerald Ford Apartments (the “Project”) is the new construction of 150 affordable housing units by Western National Group (“WNG”). The benefits of the Project to the City of Palm Desert include the following:
- 100% of the rental housing units will be rent restricted for low and very low-income residents.
- The Project consists of two-bedroom and three-bedroom units.
- Units will be reserved for households earning less than 30%, 50%, 60%, and 70% of the area median income.
About the Financing:
CSCDA and WNG partnered with Citibank and Orrick, Herrington & Sutcliffe, LLP to provide the bonds for the Project. The financing for the Project requires the affordability of the units for low and very-low-income tenants to be maintained 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 $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 WNG, please visit: www.wng.com
CLICK HERE to download a PDF version of this announcement