CSCDA COMMUNITY IMPROVEMENT AUTHORITY (CSCDA CIA) WORKFORCE HOUSING PROGRAM
California’s housing crisis remains critical and the State continues to experience a significant shortage of available affordable housing units. Affordable housing is typically financed with tax-exempt private activity bonds and low-income housing tax credits, but these subsidies are limited to projects that restrict units for residents earning less than 60% of the area median income (AMI) (in certain cases up to 80% AMI). Since its inception, CSCDA has financed the construction or preservation of nearly 100,000 affordable units throughout California.
State leaders, as well as individual cities and counties have also recognized a serious shortage of workforce housing for those that have been termed the “missing middle”, individuals and families that earn too much to qualify for traditional affordable housing, but not enough to afford market rate rents in the communities where they work. Workforce housing (sometimes referred to as middle-income or moderate-income housing) is housing for individuals and families typically earning between 80% and 120% AMI. Unfortunately, workforce housing for the “missing middle” is not eligible for tax credits, private activity bonds or most other federal, state or local government subsidies.
The CSCDA Community Improvement Authority (CSCDA CIA), an affiliate joint powers authority, acquires public benefit oriented capital projects through the issuance of tax-exempt governmental purpose bonds. Through CSCDA CIA’s Workforce Housing Program, government bonds are issued to acquire market-rate apartment buildings. These properties are then converted to income and rent-restricted units for moderate/middle income households, which are generally households earning 80% to 120% of AMI. Annual rent increases are capped at no more than 4%, which is less than the rent limits under AB1482, the recently adopted State tenant protection legislation. Additionally, no existing tenants are displaced under the program.
CLICK HERE to download the Workforce Housing Program Presentation
FOR INTERESTED TENANTS, A LIST OF PARTICIPATING PROPERTIES ARE LOCATED HERE. PLEASE CONTACT THE PROPERTY MANAGER FOR LEASING INFORMATION