March 16, 2023
The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of $20,940,000 in tax-exempt and taxable affordable housing bonds for Silvey Villas at Homestead in Dixon, California.
About Silvey Villas at Homestead:
Silvey Villas at Homestead (the “Project”) is the new construction of 72 affordable housing units by The Hampstead Group (“Hampstead”). The benefits of the Project to the City of Dixon include the following:
- 100% of the rental housing units will be rent restricted for low and very low-income senior residents.
- The Project consists of one-bedroom and two-bedroom units.
- Units will be reserved for seniors earning less than 30%, 50%, and 60% of the area median income.
About the Financing:
CSCDA and Hampstead partnered with Redstone Capital, 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 senior tenants to be maintained 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 $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 Hampstead, please visit: www.hampstead.com
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