Archive for June, 2016

CMFA Completed the issuance of $15,259,000 in Bonds for City Center Plaza Apartments

Jun 30, 2016

MidPen Housing Corporation is one of the nation’s leading non-profit developers, owners and managers of high-quality affordable housing. MidPen has developed over 100 communities and 6,600 homes for low-income families, seniors and special needs individuals throughout Northern California over the last 40 years.

This bond financing enabled MidPen to rehabilitate an 80-unit affordable multi-family housing development. City Center Plaza was developed in 1997 with low-income tax credits. The project is arranged in six separate buildings. One-hundred percent of the units will be restricted to households making no more than 50% and 60% of Area Median Income. In order to preserve City Center Plaza, critical building needs must be addressed in a comprehensive renovation. The project is located at 950 Main Street, Redwood City, California. This financing will continue to preserve 80 units of affordable housing in Redwood City for the next 55 years.

The CMFA Issues $8,000,000 in Tax-Exempt Financing for the Manzanita Place Apartments

Jun 27, 2016

Volunteers of America National Services is one of the nation’s largest nonprofit providers of quality, affordable housing for low and moderate-income households. They create and manage housing for the homeless, families with children, the elderly, and people with disabilities, including physical and mental disabilities

This financing, issued by the CMFA enabled VOA to rehabilitate a 63-unit, affordable senior multi-family housing development known as Manzanita Place Apartments. It was constructed in 1990 as Section 202 housing for the elderly and benefits from a HAP contract on 100% of the units. Each unit will receive new interior paint. New refrigerators, ranges, and microwaves will be installed in every unit. This project is located at 1019 Madden Lane, Roseville, California. This financing will continue to preserve 62 units of affordable housing for senior households in the City of Roseville for another 55 years.

Eisenhower Medical Center Secures Tax-Exempt Debt Through the CMFA

Jun 9, 2016

Eisenhower Medical Center has provided high quality, compassionate care for more than 40 years through a full range of state-of-the-art diagnostic, treatment and emergency facilities. Eisenhower is an accredited teaching hospital, with a School of Graduate Medical Education training new physicians in the specialties of family medicine and internal medicine.

The proceeds of the bonds will be used to prepay in full $18,735,000 outstanding aggregate principal amount of City of Rancho Mirage Joint Powers Financing Authority Certificates of Participation, Series 1997B, executed and delivered for the benefit of the Borrower, the proceeds of which were used to finance and refinance the costs of the acquisition, construction and equipping of certain health care capital improvements (the “Project”) owned by the Borrower and located at Eisenhower Medical Center, 39000 Bob Hope Drive, Rancho Mirage, California 92270

 

The CMFA Issues $42,020,000 in Tax-Exempt Financing for the Laurel Grove Apartments

Jun 3, 2016

In 1967, the Santa Clara County Board of Supervisors established the Housing Authority of the County of Santa Clara (“HACSC”) as an independent local government agency to administer the federal rental assistance programs authorized by the United States Housing Act of 1937. Since 1976, HACSC has operated the federal rental assistance programs of the County of Santa Clara and the City of San José as one program. In 2008, Congress designated HACSC a Moving to Work (MTW) demonstration agency.

HACSC will be using the proceeds of the bonds for the acquisition and rehabilitation of the Laurel Grove Lane Apartments project that will consist of an 82-unit housing community located in San Jose, CA. The development will offer one, two and three bedroom units, as well as onsite laundry, property management and service offices, a community room with kitchen, and a tot lot.  Laurel Grove Apartments is located adjacent to the downtown Diridon Transit Station, providing residents with immediate access to trains, light rail, buses and bike share. All apartment units will be restricted to residents with household incomes no greater than 50% and 60% of the Area Median Income. capital improvements (the “Project”) owned by the Borrower and located at Eisenhower Medical Center, 39000 Bob Hope Drive, Rancho Mirage, California 92270