Archive for February, 2017

Community Medical Centers Selects the CMFA as Issuer of $394,815,000 in Tax-Exempt Financing

Feb 23, 2017

The CMFA issued $394,815,000 to the Community Medical Centers. The proceeds of the Bonds will be used to finance and/or reimburse the prior payment of a portion of the costs of constructing and equipping a 100,000 square foot regional cancer treatment and research center, which will be located on the campus of Clovis Community Medical Center and prepay previously executed certificates of participation.

The CMFA Issues Tax-Exempt Financing for Miraflores Senior Apartments

Feb 17, 2017

The CMFA issues $25,000,000 in tax-exempt bond proceeds for Eden Housing. The proceeds will be used to finance the Miraflores Senior Apartments, a new construction project that will consist of 80 units of affordable senior housing. Fifty percent of the units will be built out to meet ADA accessibility needs. The project is fully affordable and all units will all be restricted to households making 30%, 45% and 50% of Area Median Income. Miraflores will offer amenities such as a community room, computer lab, exercise room, laundry facility and outdoor vegetable garden. The project is located at the corner of South 45th and Florida Street, Richmond, California. This financing will create 79 units of affordable senior housing in the City of Richmond for the next 55 years.

The CMFA Completed the issuance of $5,500,000 in Bonds for the Rancho Del Valle Apartments Affordable Housing Project

Feb 10, 2017

The CMFA issued $5,500,000 in tax-exempt bonds for BlueGreen Preservation and Development. The bonds were used to finance the Rancho Del Valle Apartments project, a 25-unit affordable multi-family housing development for persons with disabilities and the elderly. Rancho Del Valle is located at 6560 Winnetka Avenue, in the Woodland Hills neighborhood of Los Angeles, California. This financing will preserve 24 units of affordable housing for the City of Los Angeles for another 55 years.

Low Cost, Tax-Exempt Financing Provided for the International School of the Peninsula

Feb 9, 2017

The International School of the Peninsula (“ISTP”) is an independent, co-educational, non-sectarian bilingual immersion day school with two Nursery – 5th grade programs (French Immersion and Mandarin Chinese Immersion) and an international middle school.

The CMFA issued $7,200,000 in tax-exempt bond financing. The proceeds of the Bonds will be used by the School to: to refinance the Project on the terms and conditions set forth to prepay and retire all the outstanding California Statewide Communities Development Authority Refunding Revenue Bonds (International School of the Peninsula Project) Series 2006, previously issued to finance and refinance the Borrower’s facilities at 151 Laura Lane, Palo Alto, California 94303. The bonds originally issued were used to purchase, renovate, and equip the school’s campus.

The CMFA Works with Blue Green Preservation to Finance Affordable Housing with Tax-Exempt Financing

Feb 8, 2017

The CMFA issued $5,500,000 in tax-exempt bonds on February 8, 2017. The bond proceeds will be used to finance the Maple Park Apartments project is an acquisition/rehabilitation of a 25-unit affordable multi-family housing development for persons with disabilities and the elderly. The building consists 24 one-bedroom units and 1 two-bedroom manager’s unit. Maple Park is located at 711 E. Maple Avenue, Glendale, California. The rehabilitation will include upgrading air conditioning and heating units, mechanical and electrical. Interior upgrades will include new kitchen and bathroom equipment, new cabinets, new kitchen surfaces, new flooring, paint and new window treatments. Exterior upgrades will include replacement of certain patio covers, widening of common area pathways, common area lighting, improvements to community areas, elevator cab improvements, parking area improvements and paint. This financing will preserve 24 units of affordable housing for the City of Glendale for another 55 years.