Archive for November, 2015

CMFA issues $12,742,000 in Bonds to the Chelsea Investment Group for the Mill Creek Village Apartments located in Bakersfield, California

Nov 25, 2015

The Mill Creek Village Senior Apartments is a new construction project consisting of 63 affordable apartments located in the City of Bakersfield. The project will be a 63-unit affordable senior complex made up of a single building that sits on a large lot. The building consists of studio and single bedroom apartments. There will be 62 units available to households with incomes no greater than 60% of the area median income with one unit set aside as a manager’s unit. The financing of this project will result in providing affordable housing for 62 seniors in the City of Bakersfield for 55 years.

The CMFA issues $5,500,000 in Bonds to Pacific West Companies, Inc. for the Arroyo Del Camino Apartments located in Avenal, California

Nov 20, 2015

The Arroyo Del Camino Apartments is a new construction project located on a 2.82-acre portion of vacant land located on the NE corner of Corcoran Avenue and Kern Street.  The Project will target families earning up to 50% of area median income. This development will provide the City of Avenal with 40 much needed units of affordable housing for the next 55 years.

The CMFA issues $13,625,000 in Bonds to the Standard Property Company, Inc. for the Beverly Park Senior Apartments located in Los Angeles, California

Nov 16, 2015

The Beverly Park Senior Apartments project is an acquisition/rehabilitation of an existing 49-unit project, currently known as Beth Am Manor Apartments that houses seniors and is subsidized with a Project-Based Section 8 contract. The project will include substantial rehabilitation of each unit as well as rehabilitation to the community room and shared facilities. The rehabilitation aims to increase energy and water efficiency and will include a 20-year renewal of the HAP contract. Rents will be restricted to senior households with incomes no greater than 50% and 60% of the area median income. The apartments are located Los Angeles, California.

The CMFA issues $19,150,000 in Bonds to WNC & Associates, Inc. for the Bellflower Friendship Manor Apartments located in Bellflower, California

Nov 12, 2015

The Bellflower Friendship Manor Apartment project is an acquisition/ rehabilitation of an existing affordable senior housing development that is located in Bellflower, California. The project is an 8-story, mid-rise building with 144 apartment units that consists of 84 studio units and 60 one-bedroom units (including one manager’s unit that is income restricted). Bellflower Friendship Manor Apartments were constructed in 1973 as a midrise building within one acre of land. The project was designed with the evolving needs of senior residents in mind. The rehabilitation program will address health and safety issues, ADA upgrades, deferred maintenance, and energy efficiency when possible. Various activities are available to Bellflower Friendship Manor residents including health information seminars, regular excursions to local attractions and various craft classes. The preservation and rehabilitation of the property will preserve this community as an affordable project for another 55 years.

CMFA issues $31,903,904 in Bonds to Bridge Housing Corporation for the Collage Park Apartments, Phase II located in Chino, California

Nov 12, 2015

The College Park II Apartments project is a new construction development that will be located adjacent to the Ivy at College Park Apartments that the CMFA issued bonds for in 2012. The project will be a 200-unit multi-family complex made up of garden style buildings with one-, two- and three-bedroom apartments. A total of 198 of the units will be restricted to households with incomes no greater than 50-60% of the area median income with two units set aside as manager’s units. The financing of this project will result in providing affordable housing for 198 families in the City of Chino for 55 years.