The California League of Cities-sponsored bond agency has issued $36.3m in tax-exempt bonds for an affordable housing project in Redding, California. The project, called Block 7 Downtown Apartments, will be built by K2 Development Companies and will provide 80% of the rental housing units as rent-restricted for low-income tenants. The project will also include market-rate apartments and a combined retail space. The financing for the project will maintain the affordability of the units for low-income tenants for 55 years.
Source: California League of Cities