Los Angeles, CA. Nixon Peabody is pleased to have served as bond counsel to the City of Los Angeles in connection with the City’s issuance of $389 million in General Obligation Bonds Series 2022-A (Taxable) (Social Bonds).
The proceeds of the bonds will fund projects that provide safe, clean, affordable housing for the homeless and those in danger of becoming homeless (such as battered women and their children, veterans, seniors, foster youth, and the disabled). The proceeds of the bonds will also be used to provide facilities to increase access to mental health care, and drug and alcohol treatment and other services for those in need.
“It is extremely rewarding to have opportunities like this to partner with clients and help fund projects that will have a significant and long-lasting positive social impact,” said Jade Turner-Bond, a partner in Nixon Peabody’s Project Finance and Public Finance practice. “It is exciting to see the City of Los Angeles utilize social bonds in such an innovative way to help move the needle and introduce much-needed additional affordable housing and access to essential care services to address the homelessness crisis our communities are facing.”