Archive for February, 2013

Affordable Housing to Soon Be Part of Fort Ord Development

Feb 26, 2013

The CMFA recently closed a $17.1 million financing for non-profit developer South County Housing Corporation.  Proceeds from the tax-exempt bonds will be used to construct a new 107 unit affordable housing project known as University Village.  It will be located on the former Fort Ord Army base and is an integral part of a master planned community in the city of Marina.  Families with incomes at or below 50% Area Median Income will enjoy a high quality of life with easy access to shopping, theatres, parks and other community services.  The complex will offer residents after school programs for the children and educational classes in health, wellness and skill building for adults.

YMCA of Silicon Valley Partners with the CMFA

Feb 18, 2013

The YMCA of Silicon Valley was founded in 1867 when the YMCA Santa Clara was created as a refuge for young people. Today, the organization is the 15th largest YMCA in the nation and serves members from communities as far as Gilroy in the south to Redwood City in the north along the Pacific Coast.  From its’ 10 physical locations, two camps and 70+ affiliated sites the Corporation offers a wide range of programs and services to enable people to live healthier lifestyles. Their wellness-based programs focus on exercise, nutrition, stress management, health education, therapeutic activities, avoidance of drug and alcohol abuse, chronic disease prevention and management and other specialized needs. A lifelong progression of health related activities, experiences, and education is offered for all ages and abilities, and also encourages participants to give back and help strengthen their community.

This valuable community partner recently chose the CMFA as Issuer for a $14.5MM bond issue.  Proceeds were used to assist in the purchase and renovate a new corporate headquarters building.  In addition, proceeds were used to refinance existing indebtedness and fund improvements to their other locations through Santa Clara Valley.