April 11, 2024
The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of $95,000,000 in tax-exempt and taxable multi-family affordable housing bonds for Belmont Family Apartments in Belmont, California.
About Belmont Family Apartments:
Belmont Family Apartments (the “Project”) is the new construction of 125 multi-family affordable housing units by ROEM Development Corporation (ROEM). The benefits of the Project to the City of Belmont include the following:
- 80% of the affordable rental housing units will be rent restricted for extremely low-income and low-income tenants.
- The Project consists of one-bedroom units, two-bedroom units, three-bedroom units and a manager’s unit.
- All of the units will be reserved for households earning less than 30%, 50% and 60% of the area median income.
About the Financing:
CSCDA and ROEM 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 restricted units for low-income 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 $75 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 ROEM, please visit: www.roemcorp.com
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