May 1, 2020
The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of $22,000,000 in tax-exempt multifamily affordable housing bonds for Hallmark House Apartments in Redwood City, California.
About Hallmark House Apartments:
Hallmark House Apartments is the acquisition and rehabilitation of 72 multifamily affordable housing apartments by Hallmark 2017 LP. The project sponsor is KDF Communities (KDF). Hallmark House Apartments will remain affordable and provide studio and one-bedroom apartments to low-income residents in Redwood City, California.
About the Financing:
CSCDA and KDF partnered with Citibank and Orrick, Herrington & Sutcliffe, LLP to provide tax-exempt multifamily affordable housing bonds for Hallmark House Apartments. 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 Hallmark House Apartments will maintain the affordability of units for low-income tenants for 55 years.
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 $63 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 KDF, please visit: www.kdfcommunities.com
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