Cal Cities-sponsored bond agency issues over $5 million in affordable bonds for housing

The California Statewide Communities Development Authority (CSCDA) issued $5,968,922 in affordable housing bonds for the city of Twentynine Palms.

Twentynine Palms Apartments is the acquisition and rehabilitation of 48 one-, two-, and three-bedroom affordable housing apartments. The apartments will remain 100% affordable to very low and low-income residents. The apartments will undergo extensive interior and exterior renovation so that residents have an updated, safe, and affordable community to call home for years to come.

CSCDA partnered with Twentynine Palms and others for the acquisition of the properties and issuance of bonds. The financing of Twentynine Palms Apartments will maintain the affordability of units for very low and low-income tenants for an additional 55 years.

About CSCDA

CSCDA is a joint powers authority created in 1988 and is sponsored by the League of California Cities and the California State Association of Counties. More than 530 cities, counties, and special districts are program participants in CSCDA, which serves as their conduit issuer and provides access to efficiently financed, locally approved projects.

Visit the organization’s website to learn how CSCDA can help your city.