Apr 28, 2014
Recently, the CMFA and Affirmed partnered on a $6,400,000 tax-exempt financing for Sonoma Court Apartments in Escondido, CA. Proceeds from the financing were used for the acquisition and rehabilitation of an existing 61-unit development.
Originally constructed in 1978, the 61-unit project will undergo significant rehabilitation including seismic retrofitting, improvement of outdoor drainage, fencing, interior sidewalk replacement, installation of a new roof, building siding and stucco. Installation of solar panels are planned to reduce energy costs. Residents will enjoy new flooring, cabinets, fixtures, bathtubs and water heaters. Affirmed Housing Group’s use of tax-exempt financing will ensure that low-income residents in Escondido, CA will have affordable housing for the next 55 years.
Apr 22, 2014
Eden Housing recently partnered with the CMFA on the acquisition/rehabilitation of a 50 unit, three-story building known as Montgomery Plaza Senior Apartment located in the City of Hayward. With the financing, Eden Housing will commence improving the building’s overall envelope by replacing all windows and sliding doors with modern double glazed vinyl windows. In addition, the roof will also be replaced. Each of the 50 units includes one bedroom, one bath and a private patio/balcony. The senior residents will enjoy improved access with ADA upgrades to all common areas, deck repair, resurfaced counters and new sinks and faucets, flooring, carpet, and the creation of a small service coordination office. This financing will preserve affordable senior housing in the city of Hayward for the next 55 years.
Apr 22, 2014
Washington Township Health Care District serves the medical needs of residents in southern Alameda County. The district operates the Washington Hospital Healthcare System which consists of Washington Hospital, a 389 bed acute care hospital located in Fremont, California, three primary care outpatient clinics, an outpatient surgery center, an outpatient rehabilitation center, a radiation oncology center, a lymphedema clinic, a center for wound care and hyperbaric medicine, and an outpatient diabetes center. The healthcare organization recently turned to the CMFA when it came time to restructure their long term financing. Proceeds from the financing will assist in the completion of seismic retrofitting, improve patient care, expanding emergency, critical care and provide the latest lifesaving medical technologies and facilities.
Apr 14, 2014
The CMFA continues to give back to the communities in California by directing a portion of its issuance fees to charitable organizations. There were several non-profit 501(c)(3) organizations that received grants of over $160,000 from the California Foundations for Stronger Communities with funds donated by the CMFA.
The deserving organizations include:
Boys & Girls Club of Manteca & Lathrop works with area youth ages 6 -18 to help them reach their full potential as productive caring and responsible citizens.
Eskaton Foundation – Music Therapy Program makes a difference in the lives of skilled nursing patients who are living in chronic pain. The soothing sounds of live harp, guitar or other music alleviates mental and physical pain and helps transform patients for a period of time.
MARSOC Foundation – The foundation supports active duty and medically retired personnel and their families as well as families of Marines who have lost their lives in service to our Nation.
New Door Ventures helps at-risk youth prepare for work and life through creative programs and mentoring in hopes of providing these kids a hand up rather than a hand out. Together with the local business community New Door Ventures provides at-risk kids with needed job skills and training.
Patriots & Paws provides veterans and their families the information and resources needed to become sucessful as they return home and restart their lives back in the civilian world. The animals help provide therapy for the veterans and their families against post traumatic stress.
PermHousing, Inc. is an emerging nonprofit designed to address the affordable housing shortage in Southern California. PermHousing focuses their service on seniors, veterans and handicapped individuals.
Rebuilding Together Sacramento works to preserve, revitalize and strengthen homes and communities to ensure that homeowners who are low-income, elderly, disabled or families with children live independently in comfort, safety and efficiency.
Roberts Family Development Center works to provide an outstanding After-School Program for North Sacramento youth. Their program works to ease the transition from the classroom to daily life. Staff provides tutoring, mentoring, recreation and family literacy programs to enhance and enrich student’s lives.
Seal-Naval Special Warfare Foundation provides for the need of the families and children of Navy SEALS and other Naval Special Warfare Seamen who are wounded or killed in combat.
Twin Lakes Food Bank serves families in need with supplemental food and clothing.
Wellspring Women’s Center serves over 200 women and their children every week day, providing a nutritious breakfast, free counseling and safety net services.