TITLE
Recommendation to direct City Manager to work with Development Services and the City Attorney to study the benefits of the CSCDA Middle Income Workforce Housing Program, analyze the process enacted by other California cities for adoption, and return at the next City Council meeting with a proposed draft resolution authorizing the same.
DISCUSSION
The California Statewide Communities Development Authority (“CSCDA”) is a joint powers authority founded and sponsored by the League of California Cities ("League") and the California State Association of Counties ("CSAC"). CSCDA was created by the League and CSAC in 1988 to enable local government and eligible 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. CSCDA comprises more than 530 cities, counties and special districts, including the City of Long Beach, which has been a member since 1992. CSCDA has issued more than $63 billion through 1,600 plus transactions across its diverse public benefit financing programs.
CSCDA helps local governments build community infrastructure, provide affordable housing, create jobs, and make access available to quality healthcare. The City regularly participates in a number of CSCDA’s finance programs including its affordable housing bond program and 501c3 nonprofit bond program.
The Authority, an affiliate joint powers authority, was created to enable CSCDA to continue to broaden its program offerings by being able to acquire public benefit oriented capital projects through the issuance of tax-exempt governmental purpose bonds. Through the Authority’s Workforce Housing Program, it issues government bonds 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 hou...
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