Archive for December, 2016
Dec 28, 2016
The proceeds of the Bonds will be used to finance the acquisition and construction of certain sewer system capital improvements of the City of San Bernardino, California; refund outstanding obligations of the City relating to the City of San Bernardino Municipal Sewer Department; fund a deposit to a common reserve account for the 2016 Bonds; and pay the costs of issuance of the 2016 Bonds.
Dec 22, 2016
The Granger Apartments is an existing 180-unit multifamily affordable community originally built in 1970, located at 2700 East 8th Street, National City, CA. The project is made up of 160 1-bedroom units, 20 2-bedroom units and 2 non-revenue producing 2-bedroom manager’s units. The 178 restricted units will be restricted to households making no greater than 60% of AMI. The financing of this project will result in the preservation of affordable housing for 178 low income households in National City for the next 55 years.
Dec 20, 2016
Bridge Housing chose the CMFA as Issuer of tax-exempt bonds to construct a new affordable housing project. The Madera Vista Phase 3 Apartments project is a new construction development of a 30-unit multifamily apartment project that is the third phase of a 110-unit affordable housing community located at 44155 Margarita Road, Temecula, California. Residents of Madera Vista Phase 3 will be able to use all of the amenities located in Phase 1 and/or Phase 2 including two community buildings, two swimming pools, a hot tub, central laundry facility, basketball court, bocce ball and open picnic area. The financing of this project will result in creation of affordable housing for 29 families in the City of Temecula for 55 years.
Dec 16, 2016
The Simone Apartments is an acquisition/rehabilitation of an existing 114-unit affordable multi-family rental development located at 520 S. San Julian Street, Los Angeles, California. The project involves the refinance of existing public debt with 4% Low Income Housing Tax Credits and tax-exempt bonds. Renovations include retrofitting of major building systems to increase the physical lifetime and energy efficiency of each building and increase the financial sustainability of the project. The project will be made up of studio apartments serving formerly homeless households making 30%, 40%, 50% and 60% or less of Area Median Income.
Dec 16, 2016
The Pacific Companies requested that the CMFA issue $33,000,000 in tax-exempt bonds for the construction of the Harvest Park Apartments. The Harvest Park Apartments is a new construction project located on two sites in Gilroy, California. The first site will consist of 32 units located on 2 acres at the northwest corner of Wren Avenue and Cohansey Avenue. The second site will consist of 66 units located on 3.61 acres at the northwest corner of Monterey Road and Cohansey Avenue. This site will contain a 3,093 square foot community building that will be shared by both sites. The financing of this project will provide the City of Gilroy with 96 units of affordable housing for the next 55 years. The financing of this project will provide the City of Gilroy with 96 units of affordable housing for the next 55 years.
Dec 14, 2016
The CMFA issued $7,708,310 in tax-exempt bonds to finance the acquisition and rehabilitation of the Cedar Nettleton Apartments. The Cedar Nettleton Apartments is a 68-unit complex located in Vista, CA. The project was previously two separately syndicated 9% tax credit projects adjacent to each other. They will now be operated as one. The Cedar site was built in 1996 and the Nettleton site was built in 1999. The 2-story development is comprised mainly of townhomes and offers a variety of amenities including a 2,000 square foot community building with a leasing office, two tot lots, laundry facilities, resident organic garden and a central courtyard.
Dec 6, 2016
The Walnut Place Apartments is an acquisition/rehabilitation of a 25-unit affordable senior housing project. The project is made up of 25 units with a mix of studio and 1-bedroom units, as well as a 2-bedroom manager’s unit. The property is located across the street from the West Marin Medical Clinic and within walking distance of local shopping. The project was built in 1985 and is in need of rehabilitation. Among the improvements to the property will be significant upgrades to the accessibility features in and outside the building. Sustainable and “green” materials will be incorporated into the rehab scope providing beneficial cost savings to the property’s operating costs and reduction in environmental pollution. This financing will help preserve high quality affordable housing for 24 senior households in the County of Marin for another 55 years.
Dec 5, 2016
The Skid Row Central 1 Apartments project is a scattered site re-syndication and rehabilitation of two existing affordable multi-family rental developments known as Rossmore Apartments and Weldon Apartments, located at 507 Maple Avenue, Los Angeles, and 905 East 6th Street, Los Angeles, California. Rossmore is comprised of 57 units and Weldon has a total of 54 units. The project involves the refinance of existing public debt with 4% Low Income Housing Tax Credits and tax-exempt bonds. Renovations include the retrofitting of major building systems to increase the physical lifetime and energy efficiency of each building and increase the financial sustainability of the project. Both projects are made up of studio apartments serving formerly homeless households making 50% and 60% or less of Area Median Income. This financing will help preserve 111 units of high quality, affordable housing for households in the City of Los Angeles for the next 55 years.
Dec 2, 2016
The CMFA issued $6,668,698 in tax-exempt financing for the Esperanza Crossing Apartments. The Esperanza Crossing Apartments project is a new construction project that is located on Woodland Avenue in Yolo County, CA. The project will be comprised of 40 affordable apartment units. There will be a mixture of one-, two- and three-bedroom units. 39 apartment units will be restricted to residents with household incomes no greater than 55% of the Area Median Income. Amenities will include a community building, community Wi-Fi and green area. The project will be located close to transit services, shopping, schools and a library. The financing of this project will result in the creation of 39 affordable apartments for the next 55 years in Yolo County.