Archive for June, 2014

The CMFA Assists Pitzer College with Tax-Exempt Financing

Jun 30, 2014

Founded in 1963, Pitzer College is an independent co-educational, liberal arts science college offering a Bachelor of Arts degree with a curricular emphasis in the social and behavioral sciences. Pitzer was the first independent women’s college to open in the United States since Bennington College in 1932. Today, Pitzer is part of a unique educational environment known as The Claremont Colleges—a consortium of five undergraduate colleges and two graduate institutions.

Recently, Pitzer College selected the CMFA as Issuer for their tax-exempt bonds. Proceeds of the financing will be used to fund the completion of the college’s master plan.  The college campus was constructed in the sixties. A recent inventory found that many of these educational buildings and student housing was in need of repair or renovation at a cost that neared the cost of new construction. Pitzer College’s Master Plan calls for a campus that includes seismically sound buildings that ensure academic initiatives are met while at the same time encouraged social interaction among students, faculty, administration and visitors to the campus.  Proceeds from the 2014 financing will be used to repair and renovate existing buildings, fund the purchase of nearly 28 acres which will be used for future student residences, administration and educational buildings and pay for cost of issuance.

The CMFA Assists Founding Member of the Claremont College Consortium

Jun 30, 2014

Established in 1887, by a group of Congregationalists who wanted to recreate on the West Coast “a college of the New England type,” one that would represent the very best of what they had experienced as students in the finest colleges of the Eastern and Midwestern United States. Instruction began on September 12, 1888, in a small, rented house in the city of Pomona. The following January, an unfinished hotel in nearby Claremont, along with adjacent land, was given to the College, which subsequently relocated there. Pomona College awarded its first diplomas to the Class of 1894. Today, Pomona College offers approximately 1,600 students, the personal experience of a small, academically superb liberal arts college and the breadth of resources normally associated with major universities.

Recently, the CMFA assisted Pomona College. The proceeds of the bonds will be loaned to Pomona College to finance the college’s educational and administrative facilities and to fund the construction of a new research and instruction building to be known as Millikan Laboratory and Andrew Science Hall.  In addition proceeds will be used for the construction of a new sciences courtyard between the Millikan Laboratory and the Seeley G. Mudd Science Library and pay costs of issuance and certain interest with respect to the loan.

Wasatch Properties Works with the CMFA on Acquisition Rehabilitation of a Senior Apartment Project in Spring Valley, CA

Jun 23, 2014

Wasatch Properties’ mission is to acquire undervalued properties, add value through rehabilitation and improvements and provide exemplary service to their residents, coworkers, business partners, suppliers and lenders. Wasatch recently worked with the CMFA on the acquisition and rehabilitation of the Peppertree Apartments project in the Spring Valley area of San Diego, CA. 

The Peppertree Apartments is an existing market rate project with 103 units that will be converted to low-income housing units in the Spring Valley area of San Diego County. The Project consists of 88 one-bedroom and 15 two-bedroom units with 1 manager’s unit. A total of 11 units will be set aside for those seniors with incomes of 50% of area median income and the remaining 92 units will be available to seniors with incomes of 60% of the area median income. The site is located within a mixed-use urban neighborhood consisting of commercial, retail, and residential uses.  Planned renovations will include new landscaping, energy efficient windows, landscaped common areas, upgraded community center, 24-hour emergency maintenance, and upgraded buildings systems. Residents will enjoy new flooring, kitchen cabinets, hardware, countertops and appliances in each unit.

The CMFA Completes Refunding for Touro University

Jun 23, 2014

Recently the CMFA assisted Touro University with a large restructuring benefitting several campuses within the Touro University network. Proceeds from the CMFA Revenue 2014 Bonds will refinance the costs of the construction of certain capital improvements at the University’s campus in Vallejo, California.  The Mare Island campus is home to the school’s medical school. The 44-acre campus consists of six primary buildings and a number of auxiliary structures which house the medical school, small group instructional space and clinical training observation rooms.

The City of Salinas Preserves Affordable Housing for the Next 55 Years

Jun 23, 2014

TerraCorp. Property Management, the United Brotherhood of Carpenters and Joiners of America Local 925, Housing Sponsorship Corporation and the CMFA  recently partnered on an acquisition rehabilitation project consisting  of a 200 unit multifamily apartment community located in the City of Salinas, California.  The Gabilan Plaza – Phase I & II were constructed in the early 1970’s. Both phases consist of 100 units with a mix of one, two and three-bedrooms.

Through the use of tax-exempt financing, the site will undergo extensive remodeling designed to improve accessibility, comfort and energy and water conservation. Residents will soon enjoy new cabinets, fixtures, appliances and replacement of flooring where needed. In addition, space will be created for a computer center in the community room and the shared outdoor living space will gain a gazebo, tot lot with new equipment and seating area. The financing will preserve 198 units of at risk affordable housing for the City of Salinas for another 55 years.

The CMFA’s Financings Enables Over $140,000 in Contributions to California Non-Profits

Jun 17, 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 $140,000 from the California Foundations for Stronger Communities with funds donated by the CMFA.

The deserving organizations include:

Boys & Girls Club of Coachella Valley is a network of full-service clubhouses, two boxing/athletic centers, and the Smilow Teen Center in Indio.  This program serves thousands of teens every year.

Chapman College AmVet Legal Clinic provides pro bono legal representation to military personnel and veterans.  They provide legal representation on issues ranging from Discharge Upgrades, Traumatic Service Group Life Insurance Appeals, VA Benefits Appeals, and issues arising under the Service Members Civil Relief Act.

Give Every Child a Chance provides that chance a child needs that can lead their success.  Their community volunteers serve as academic mentors and tutors and to provide free assistance to struggling children.

Juneco Music Ministry produces a weekly half-hour radio program for kids designed to promote self-esteem, family values and life skills for children of all ages.  The show covers a broad-range of topics pertinent to childhood including making friends at school, handling bullies on the playground, moving to a new town, and going to a new school- All while weaving  fun music, jokes and games that keep everyone engaged. 

Manteca CAPS Corporation aka Valley Caps is a leading Day Program for adults with developmental disabilities. Their program provides consumer-centered services which empowers their clients to achieve up to their full potential and beyond.  Valley Caps’ clients then are able to maximize their quality of life according to their choices.

Operation Dignity has been providing emergency and transitional housing to homeless veterans and non-veterans since 1993. Today they are a veteran-run, service rich provider of nutritious meals, safe housing and other services to help their clients begin their rehabilitation process.

Hollenbeck Police Activity League provides kids with safe places throughout the community where children can play and learn safely during non-school hours.  They provide meaningful, structured activities. PAL has been helping youth make positive changes in their lives by teaching them healthy lifestyle principles, providing them with positive role models, instilling in them the concept of teamwork and sportsmanship and provide them with opportunities become leaders.

San Francisco Senior Center is the oldest non-profit senior center in the nation.  They provide a variety of services from daily, low-cost, nutritious meals, social services and case management, continuing education

Shelter from the Storm provides a wide range of services for adult and child victims of domestic violence.  The Storm is the only dedicated provider of emergency and adjunctive services to victims of violent homes in Eastern Riverside County.

Toast Our Vets educates the general public on military issues our veterans face. Funds are also used to assist in the Veteran rehabilitation and reintegration with a focus of both physical and mental health.

Western Center on Law & Poverty leads the fight in the courts, counties and capital to secure housing, healthcare and a strong safety net for low-income Californians.

The City of Santa Cruz Retains Affordable Senior Housing

Jun 9, 2014

Christian Church Homes of Northern California’s mission is to provide “Affordable Quality Housing in Caring Communities.” Recently, Christian Church Homes partnered with the CMFA on an acquisition/rehabilitation of the Garfield Park Village.  Originally constructed in 1964 the site provides affordable housing to low-income seniors age 62 and older with incomes of 50% and 60% of area median income. The 16-month renovation will include new kitchens, bathrooms in each of the units. The heating and plumbing will also be upgraded.  Christian Church Homes will improve site accessibility and will make three units handicap accessible. In addition, a bona fide service coordinator/social worker will provide ongoing assistance will be provided to residents free of charge. Nestled in the City of Santa Cruz, the community consists of cottage style apartments and a 2 story low rise building, offers 94 apartments.  Close to the beach, shopping, and public transportation, Garfield Park Village will soon be a highly desirable and unique place to call home.

Pacific West Communities Partners with CMFA on Senior Project in Willows, CA

Jun 9, 2014

The Pacific Companies is a privately-held group of firms dedicated to excellence in multifamily housing and charter school facilities. Pacific West Communities, Inc. recently selected the CMFA as their Issuer for their senior project in Willows CA. 

The Willows Senior Apartments will be a 49-unit affordable senior housing new construction project and will target seniors earning up to 45% of the area median income for Glenn County. The project will be located at 1330 West Sycamore Street, City of Willows, California.The planned development consists of 2 wood-framed buildings and will consist of 39 one-bedroom units and 9 two-bedrooms units. In addition, three handicap accessible units will serve disabled individuals. When completed, residents will enjoy a 1,800 square foot community center consisting of an office, maintenance storage space, computer center, laundry facilities, exercise room and a community / TV room with a kitchen.  Seniors will also enjoy a swimming pool, hot tub, community garden and a covered picnic area.

The CMFA Assists Maranatha High School

Jun 9, 2014

Established in 1965, Maranatha High School is a college preparatory high school, located in Pasadena, California. 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. Recently the CMFA issued tax exempt bonds for the prep school. Proceeds were used to refinance existing debt and assist with the acquisition, construction and improvement of nearby school properties.

The CMFA Helps Caritas Corporation Preserve Low Income Homes

Jun 9, 2014

The Caritas Corporation is a nonprofit whose mission and purpose is to provide and maintain quality, affordable housing for persons of low income and means, focusing on manufactured home parks. The CMFA recently issued tax-exempt debt that assisted in the acquisition and improvement of three mobile home parks located in Northern and Southern California. In addition, proceeds were used to refund existing bonds that were issued in 2003 and 2005 for the acquisition and improvement of six locations in the Cities of Lancaster, Brea, Vista and Rohnert Park. A total of 1,730 mobile home sites were preserved for low income residents through this financing.

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