Archive for February, 2014

The CMFA Partners with Related Housing Corporation in the Preservation of 15 Affordable Housing Sites

Feb 24, 2014

Related Housing Corporation (Related) is a fully integrated, highly diversified leader in affordable housing.  The company’s broad expertise covers in virtually every aspect of development, acquisitions, management, finance, marketing and sales.

Recently, the Berkeley Housing Authority disposed of 15 low income public housing sites. With the help of the CMFA, Related was able to acquire the scattered sites and begin renovation and modern-ization of the units. Located in Berkeley, California the 15 sites are comprised of 75 total units with 3 and 4 bedrooms designed to serve large families. Residents will soon enjoy new carpets, flooring, kitchen and bathroom cabinets and the replacement of fixtures.  Improvements to mechanical systems and fresh paint will make the living spaces more comfortable and enjoyable. New roofs, exterior paint, and new landscaping will further enhance the sites. The tax-exempt financing will help preserve the supply of affordable housing in Alameda County for the next 55 years.

Cabrillo Economic Development Corp Chooses the CMFA for their Villa Solimar and Cypress Court Projects

Feb 24, 2014

Cabrillo Economic Development Corporation (CEDC) is the leading non-profit affordable housing producer in Ventura County.  Recently, the CMFA assisted CEDC wthe the acquisition and rehabilitation of the Villa Solimar and Cypress Court projects.  The two existing multifamily complexes have a total of 35 units serving Ventura County, California. The Villa Solimar Apartments targets general occupancy households at 50 percent of AMI, and consists of 32 three-bedroom units in townhome style buildings. The Cypress Court complex targets individuals with a mental illness at 50 to 60 percent of AMI, and consists of two duplex units; 2 one-bedroom units and 2 two-bedroom units. Both sites are within close proximity of public transportation, retail, recreational parks and public schools. The scope of the rehabilitation for both sites consists of exterior and interior painting, flooring, kitchen upgrades including lighting, cabinets and countertops, parking lot paving, and energy efficiency improvements to the windows and HVAC system. Through their use of tax-exempt financing issued by the CMFA these units will remain affordable for many years.

The CMFA Assists Charter School Expansion in a Distressed Area of San Jose

Feb 24, 2014

Founded in 2006, Rockesthip Education is a national charter management organization that operates a network of high-performing charter elementary schools serving disadvantaged populations. Rocketship currently holds charters and operates nine elementary schools serving approximately 5,000 students in San Jose, California and one school in the state of Wisconsin.

The financing will assist in the expansion and improvement at three school sites which include Si Se Puede, Brilliant Minds and the Jackson Project.  Upon completion, these schools will each serve up to 650 students in grades transitional kindergarten through the fifth grade. The three school sites are in the Alum Rock School District and operates in a distressed neighborhood as defined by the 2000 U.S. Census Survey.

CMFA Assists Touro University

Feb 5, 2014

The CMFA assisted in a large restructuring for Touro University. The project is part of a large restructuring benefitting several campuses within the Touro University network. Proceeds from the CMFA Revenue Bonds Series 2014 refinance costs associated with capital improvements completed at the Mare Island site located in Vallejo, CA.  Touro’s Vallejo, CA campus houses a College of Osteopathic Medicine, a College of Pharmacy and a College of Education and Health Sciences.