Archive for March, 2016

The CMFA issues $29,152,000 in Bonds to the J. Craig Venter Institute located in San Diego, California

Mar 22, 2016

The J. Craig Venter Institute (“JCVI”) is a non-profit genomics research institute founded by J. Craig Venter, Ph.D. in October 2006. JCVI is one of the largest independent, not-for-profit research institutes in the United States. The institute employs approximately 310 scientists and staff located in Rockville, Maryland and San Diego, California. The main campus, located in Rockville, is comprised of two buildings with 162,000 square feet of space and approximately 255 staff with laboratories devoted to a variety of genomic research programs. The current San Diego facility houses approximately 55 scientists and staff focused mostly on human, synthetic and environmental genomic research.

The Authority issued revenue bonds for the purpose of refinancing the Project which consists of research facilities and facilities related and appurtenant thereto, including a 45,000 gross square foot, three story research building, including: (1) laboratory space; (2) conference facilities; (3) research and administrative offices; (4) interaction spaces; and (5) parking, all owned and operated by and for the benefit of the Borrower on a site owned by The Regents of the University of California.

The CMFA issues $4,536,902 in Bonds to the Peoples’ Self-Help Housing Corporation for The Village at Los Carneros Apartments located in Goleta, California

Mar 18, 2016

The Village at Los Carneros is a new construction project of a 70-unit affordable multi-family rental development located in the City of Goleta, California. The project is located on a three-acre parcel and is one component of a planned residential development that will include 465 homes, including single-family detached, townhomes, and market-rate apartments. The three-acre parcel is being donated to People’s Self Help Housing (“PSHHC”) pursuant to a development agreement in which the private developer, Comstock Homes, will meet their affordable housing inclusionary requirements by donating PSHHC a fully-entitled, buildable super pad upon which PSHHC will finance and construct 70 affordable apartments. Thirteen of the units will be available to households earning up to 50% of Area Median Income and 56 to Households earning up to 60% of AMI; one unit will be for an on-site property manager. This financing will create 69 units of high quality, affordable housing for households in the City of Goleta for the next 55 years.

The CMFA issues $5,015,000 in Bonds to Affirmed Housing Group for the Ventaliso II Apartments located in San Marcos, California

Mar 16, 2016

The Ventaliso II Apartments project is an acquisition/rehabilitation project that consists of a 48-unit affordable multifamily residential property made up of three buildings. The development will offer one, two and three bedroom units. All but one of the units will be restricted to residents with household incomes ranging from 30% to no greater than 60% of the Area Median Income. One unit will be set aside to be used as a manager’s unit. The financing of this project will result in the creation of 47 affordable apartments in the City of San Marcos for the next 55 years.

The CMFA issues $23,786,064 in Bonds to Coachella Valley Housing Coalition for the March Veterans Village Apartments located in Riverside County, California

Mar 14, 2016

The March Veterans Village Apartment project is a new construction project that will consist of a 138-unit affordable multifamily rental housing facility designed for low-income veterans and their families. Two of the units will be for managers. This is the first phase in a multi-phase Project to construct over 400 units of veteran housing on the former March Air Force Base. Sitting on roughly 4 acres, the first Phase is located at the southwest corner of N Street and 6th Street, Unincorporated County of Riverside, California. Rents will be restricted to households with incomes no greater than 60% of the area median income. The financing of this project will result in the creation of 138 affordable apartments designed for veterans and their families for 55 years.

 

The CMFA issues $7,000,000 in Bonds to Jamboree Housing Corporation for the Briar Crest and Rosecrest Apartments located in Garden Grove, California

Mar 11, 2016

The Briar Crest and Rosecrest Apartments is an acquisition/rehabilitation project consisting of a 41-unit multifamily rental housing project that was constructed in 1962 located in Garden Grove, California. The project will include the rehabilitation of the two existing structures. The units will be restricted to households with incomes no greater than 60% of the Area Median Income. The financing of this project will result in continuing to provide affordable housing for 40 families in the City of Garden Grove for another 55 years.

The CMFA issues $9,200,000 in Bonds to The Roman Catholic Bishop of Orange for Mater Dei High School located in Santa Ana, California

Mar 9, 2016

Mater Dei High School first opened in September 1950 with 111 students. As the Mater Dei community continues its second 50 years, they are in the midst of the largest redevelopment project in the school’s history. The bonds will be used for financing or refinancing the acquisition of all or a portion of certain parcels of land adjacent to the Campus and the demolition of structures thereon or on the land identified as the 2012B Project and grading, construction and site preparation of such land for temporary surface parking for the School and refinancing all or a portion of the Series 2012B Bonds, issued to finance all or a portion of the acquisition cost of land located adjacent to or near the School.