Archive for May, 2014

CMFA Assists Marantha High School with Tax-Exempt Financing

May 19, 2014

Established in 1965, Maranatha High School is a not-for-profit, college preparatory high school, located in Pasadena, California. Maranatha High School provides an exceptional education for students desiring an opportunity to be fully equipped to pursue higher education. The school’s outstanding faculty provides a rigorous college preparatory curriculum, which cultivates within each student the knowledge and skills necessary for a successful college career. The School’s campus resides on 11 picturesque acres adjacent to Old Town Pasadena. The campus’ primary facilities include the Academic Center, the Student Center, the Athletic Center, and a state-of-the-art Athletic Field. Proceeds from the financing will be used to refinance existing bonds and finance improvements to be completed on their original campus.

CMFA Provides Financing for New Senior Affordable Housing Project in the City of Willows

May 19, 2014

Recently the CMFA partnered with developer Pacific West Communities, Inc. to provide tax-exempt financing for the construction of a 49 unit affordable senior housing project to be called Willows Senior Apartments.  Located in Northern California’s Glenn County, the City of Willows has just a small handful of affordable options for seniors.  The 49 unit project will target seniors with earnings up to 45% of area median income. The developer has planned for two buildings consisting of 39 one-bedroom units, nine two-bedroom units and one Manager’s suite. Included in the plan are three handicap accessible units for disabled seniors. Residents will soon enjoy the project’s amenities including a community garden, covered picnic area, and community center with computer center and exercise room. In addition, residents will be able to swim in an on-site swimming pool or relax in the hot tub.

Point Loma Nazarene University Chooses the CMFA as Issuer

May 12, 2014

Established in 1902 Point Loma Nazarene University is a Christian liberal arts university.  Located in San Diego, California, Point Loma Nazarene University offers more than 60 undergraduate areas of study for roughly 2,400 undergraduate students. The school’s graduate program’s offers graduate degrees in business, education, nursing and theology with current enrollment at approximately 1,100 graduate students.

Recently, Point Loma Nazarene University selected the California Municipal Finance Authority to complete the refunding of their Variable Rate 2008 Bonds and assist in the financing of the construction, improvement and equipping  of their existing campus and the expansion of the school’s new science complex.

CMFA & Affirmed Housing Group Partner to Preserve Affordable Housing in Half Moon Bay, CA

May 5, 2014

Built on former agricultural land along Main Street in downtown Half Moon Bay, Main Street Park consists of 36 affordable family units. Originally constructed in 1996, MidPen Housing sought the help of the CMFA when it came time to restructure and rehabilitate the property to its former glory. Main Street Park maintains the charming, small-town feel of Main Street with front porches and traditional coastal architectural details like “shiplap” siding. At the center of the site is a small public park with a play structure and open space. The rehabilitation will include replacement of siding, windows, stair railings and window trim, site lighting and upgrades to older furnaces and hot water heaters in order to improve energy performance. The use of tax-exempt bond financing will ensure that low-income families in Half Moon Bay, CA will have affordable housing for the next 55 years.

Berkeley Retains Affordable Senior Project

May 5, 2014

Strawberry Creek Lodge was originally developed in 1962 and holds a community of 150 senior households active in the Berkeley community.  Satellite Affordable Housing Associates (SAHA) has partnered with the CMFA to refinance and remodel the Lodge.  SAHA  has planned seismic and building upgrades, common space upgrades, energy efficiency upgrades and ADA upgrades to accommodate their senior residents. SAHA will also provide property management services and will include instructor led educational, health and wellness services, as well as provides an on-site service coordinator. The rehabilitation of this project will provide affordable housing for seniors for another 55 years in the City of Berkeley.