USA Properties Fund, Inc. is a privately owned real estate organization that has developed and built more than 5,000 units of family and senior apartment communities throughout California and Nevada. Founded in 1981, USA Properties is very active in developing affordable communities, strategically combining public and private funding sources for both new construction and rehabilitation. USA Properties manages every one of its communities.

In August of 1998, the Authority issued $13 million of tax-exempt variable rate demand bonds for construction of USA Properties’ Vintage Chateau Senior Apartments in the City of Petaluma. The bonds carry ratings of “A”/”A-1” (S&P) based on an irrevocable letter of credit provided by [Union Bank of California]. The Bank also arranged for a fixed rate payment schedule on the loan using a variable-for-fixed interest rate swap.

All of the 240 units in the complex are reserved and rent restricted for low and very low income seniors. Vintage Chateau is conveniently located in an area with a wide range of retail and health services. A 31-acre park, Lucchesi, is only a few blocks away and features a community center and a senior center.