The California Statewide Communities Development Corporation (CSCDC) was created as an affiliate community development entity by the California Statewide Communities Development Authority (CSCDA) to facilitate investment in low income communities through the use of New Markets Tax Credits. The NMTC program, passed by Congress in 2000, encourages investments in low-income communities by providing a tax incentive for community development lenders and the capital markets to invest in communities that historically have had poor access to capital.
CSCDA is the joint powers authority conduit bond issuer created in 1988 by the League of California Cities and California State Association of Counties and is comprised of over 500 cities, counties and special districts throughout the state. CSCDA’s mission is to provide local governments and private entities access to low-cost, tax-exempt financing for projects that provide a tangible public benefit, contribute to social and economic growth and improve the overall quality of life in local communities throughout California.
CSCDC was awarded a $35 million NMTC allocation in 2013, a $38 million NMTC allocation in 2014, and a $70 million NMTC allocation in 2016.
Read about CSCDC projects.