CSCDA's Workforce Housing Program
The California Statewide Communities Development Authority (CSCDA)’s Workforce Housing Program Provides Rent Relief for California’s Middle-Income Residents.
State leaders, as well as individual cities and counties have also recognized a serious shortage of workforce housing for those that have been termed the “missing middle”, individuals and families that earn too much to qualify for traditional affordable housing, but not enough to afford market rate rents in the communities where they work. Workforce housing (sometimes referred to as middle-income or moderate-income housing) is housing for individuals and families typically earning between 80% and 120% of the area median income. Unfortunately, workforce housing for the “missing middle” is not eligible for tax credits, private activity bonds or most other federal, state or local government subsidies. Through CSCDA’s Workforce Housing Program, government bonds are issued to acquire market-rate apartment buildings. These properties are then converted to income and rent-restricted units for moderate/middle income households throughout California.
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 is comprised of more than 530 cities, counties and special districts and has issued more than $65 billion in bonds across its diverse public benefit financing programs.