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A‐1: Sponsorship Team California Statewide Communities Development Authority (Bond Issuer)
The California Statewide Communities Development Authority (“CSCDA”) was created in 1988 by the
League of California Cities and California State Association of Counties, under California’s Joint Exercise of
Powers Act, to provide California’s local governments with an effective tool for the timely financing of
community‐based public benefit projects. Today, 533 cities, counties and special districts are members
of CSCDA, including the City of Chula Vista, which has been a member since 1996 and has utilized a wide
variety of CSCDA bond financing programs. CSCDA launched its Workforce Housing Program (the “WHP”)
in late 2020 as a tool for cities to easily and quickly create rent‐restricted middle‐income housing by
converting existing market‐rate multifamily projects. Since December 2020, CSCDA has closed $3.2 billion
in workforce housing projects across California totaling over 5,600 units.
Opportunity Housing Group (Project Administrator/Sponsor)
CSCDA works with Opportunity Housing Group (“OHG”) as its Project Administrator. In this role, OHG acts
as the asset manager over the term of the workforce housing transaction, responsible for overseeing the
property manager, setting capital budgets, ensuring proper management of the asset, compliance with
the regulatory agreement and other terms of the bond offering. The principals of OHG have a proven
track record in all aspects of multifamily housing, including acquisitions, operations, entitlement and
development. The principals have led the acquisition of over $1.8 billion in multifamily real estate over
their careers, including over 7,200 multifamily units, and the development of over $4.8 billion, including
7,750 multifamily units, extended stay hotels, retail and for sale homes throughout California and the
western states.
Greystar (Property Manager)
Greystar would act as the Property Manager of the asset following acquisition by CSCDA. Greystar is the
largest apartment property manager in California with a long history in San Diego County. Greystar is also
the Property Manager for the majority of CSCDA’s workforce housing portfolio. Greystar has excellent
procedures for maintenance, capital improvements and tenant relations in all of its assets.
Citigroup Global Markets (Bond Underwriter)
Citigroup is the #1 municipal bond underwriter nationally and in California over the past four
decades. Citi has financed more housing transactions (middle income, affordable, permanent supportive
and student segments) than any other firm, including over $10 billion in affordable projects in California
over the past decade.
Orrick, Herrington & Sutcliffe (Bond Counsel)
Orrick is nation’s leading public finance law firm and the domi nant public finance firm in California. Orrick
handles all types of financings for governmental entities, including municipal bonds, notes, and other
obligations, tax exempt and taxable. Orrick handles over 500 bond issuances per year, including 100% of
the 30+ Workforce Housing Issuances by CSCDA and CalCHA since the inception of Workforce Housing
Programs in 2019.
Sponsorship Team
Program Prior Experience:
Since December 2020, CSCDA’s Workforce Housing Program has closed on $3.2 billion in bond issuances
and over 5,600 units in California cities including:
CSCDA is scheduled to add over 1,000 additional units to the Program by the end of 2021.
Workforce Housing Program has been extremely successful to date in achieving its affordability
goals. Projects are ahead of schedule to convert to income‐restricted rents and Teachers, government
employees, first responders, construction workers, healthcare workers and others have been able to
move into the properties and are benefiting from the rent reductions.