Cameron Park Apartments gets Tax-Exempt Multifamily Affordable Housing Bonds
For Immediate Release Contact: David Carmany
September 19, 2019 City Manager
Tax-exempt Multifamily Affordable Housing Bonds
for Cameron Park Apartments in West Covina
WEST COVINA, September 18, 2019 – The City of West Covina is pleased to announce that the California Statewide Communities Development Authority (“CSCDA”) has approved the issuance of $55,400,000 in tax-exempt multifamily affordable housing bonds for Cameron Park Apartments at 929 West Cameron Avenue. “The availability and production of housing are critical to the social and economic security and vitality of West Covina and its residents” said Mayor Lloyd Johnson, speaking for the City Council.
Cameron Park Apartments is an acquisition and rehabilitation of 158 multifamily affordable housing apartments by Cameron Park Community Partners, LP. Cameron Parking Community Partners, LP will continue to maintain Cameron Park Apartments as 100% affordable. The complex provides one, two, three, and four-bedroom apartments to low-income residents in West Covina.
CSCDA and CPP partnered with Citibank and Orrick, Herrington & Sutcliffe, LLP to provide the $55,400,000 in tax-exempt multifamily affordable housing bonds. The project will undergo extensive interior and exterior renovations including upgrades to the kitchens and bathrooms, new flooring, to energy efficiency upgrades ranging from new appliances to retrofitting windows. Exterior improvements will include stucco repair, new roofing, laundry room upgrades and community building improvements. The financing of Cameron Park will maintain the affordability of units for low-income tenants for 55 years.
CPP has begun pre-construction inspections and prep work, with start of construction scheduled for October 2019 with an anticipated completion in Summer of 2020.
For more information, please contact the City Manager’s Office at (626) 939-8401 or visit the City website at www.westcovina.org