Archive for September, 2015

The CMFA issues $10,420,000 in Bonds to the Santa Rosa Academy in Menifee, California

Sep 24, 2015

Santa Rosa Academy is a California nonprofit public benefit corporation. The Academy financed the costs of acquiring, constructing, improving, renovating and equipping of additional facilities located in Menifee, including a 31,000 square foot, one-story gymnasium, a baseball field with a snack bar and two restrooms, three storage buildings and additional parking spaces and landscaping.

The CMFA issues $15,120,000 in Bonds to Burbank Housing Development Corporation for the Park Lane Apartments located in Petaluma, California

Sep 16, 2015

The Park Lane Apartments project is an acquisition/ rehabilitation of an existing affordable housing apartment complex. The Project’s 90-units will be restricted to residents with household incomes no greater than 60% of the Area Median Income with exception to the one managers unit. The scope of work will include substantial rehabilitation to address replacement of major building systems, increase energy and water efficiency, and will include a 20-year renewal of the HAP contract. The financing of this project will result in the retention of 89 affordable apartments for another 55 years in the City of Petaluma.

The CMFA issues $3,800,000 in Bonds to Burbank Housing Development Corporation for the Madrone Village Apartments located in Petaluma, California

Sep 16, 2015

The Madrone Village Apartments project is an acquisition/ rehabilitation of an existing 23-unit affordable multifamily rental housing facility. The project will include substantial rehabilitation to address replacement of major building systems, increase energy & water efficiency and will include a 20-year renewal of the HAP contract. Rents will be restricted to households with incomes no greater than 60% of the area median income with an average affordability of 55%. The rehabilitation of this project will provide affordable living in the City of Petaluma for an additional 55 years.

The CMFA issues $11,109,599 in Bonds to Jamboree Housing Corporation for the Garden Grove United Methodist Church Apartments located in Garden Grove, California

Sep 11, 2015

The Garden Grove United Methodist Church Apartments is a new construction project. The development is the vision of the United Methodist Church. Due to declining membership and underutilized space, the Church sought an innovative approach to both improve their financial situation while transforming their property into a community asset. The proposed development will be a new multigenerational apartment community in the City of Garden Grove. This development will provide approximately 46 one-, two-, and three-bedroom apartments for large families and seniors earning at or below 60% AMI. The project will provide 46 seniors and family’s affordable living for 55 years in the City of Garden Grove.