October 31, 2024
The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of $12,900,000 in tax-exempt multifamily affordable housing bonds for Second St. Andrews Apartments in Los Angeles, California.
About Second St. Andrews Apartments:
Second St. Andrews Apartments is the acquisition and rehabilitation of 65 multifamily affordable housing apartments by Second St. Andrews Preservation Limited Partnership. The project sponsor is The Transcend Group (TTG). Second St. Andrews Apartments will continue to be 100% affordable and provide studio, one-bedroom and two-bedroom apartments to extremely low-income and low-income residents in Los Angeles, California.
About the Financing:
CSCDA and TTG partnered with Lument Capital and Orrick, Herrington & Sutcliffe, LLP to provide the multifamily affordable housing bonds. 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 Second St. Andrews Apartments will maintain the affordability of units for low-income tenants 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 The Transcend Group please visit: www.thetranscendgrp.com
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