Archive for April, 2017

CMFA Financings Enable $30,000 in Contributions to California Nonprofits

Apr 28, 2017

The CMFA continues to give back to the communities in California by directing a portion of its issuance fees to charitable organizations. Nine 501(c)(3) organizations received $30,000 total in contributions from the California Foundation for Stronger Communities with funds donated by the CMFA.

The three well-deserving organizations include:

Fresno Bridge Academy Reading and Beyond

Little League Baseball, Inc.

Tapestry Family Services, Inc.

 

 

The CMFA Issues $126,680,000 in Tax-Exempt Financing for La Verne University

Apr 20, 2017

The University of La Verne (the “University”) is an independent, nonsectarian institution of higher education founded in 1891 as Lordsburg College by members of the Church of the Brethren. Renamed La Verne College in 1917, it was reorganized as the University of La Verne in 1977.

The CMFA issued $203,800,000 in tax-exempt bonds for the University and the proceeds of the Bonds will be used to finance the acquisition, construction, installation, improvement, renovation, rehabilitation, furnishing, and equipping of certain educational facilities owned and operated and to be owned and operated by the University of La Verne, refund the outstanding California Municipal Finance Authority Refunding Revenue Bonds (University of La Verne) Series 2015 (the “2015 Bonds”), the outstanding California Municipal Finance Authority Revenue Bonds (University of La Verne) Series 2010A (the “2010A Bonds”), and the outstanding California Municipal Finance Authority 2013 Tax-Exempt Loan (University of La Verne) Series 2013 (the “2013 Loan”).

Channing House Secures Tax-Exempt Debt Through the CMFA

Apr 19, 2017

The CMFA issued $54,045,000 in tax-exempt bond proceeds to Channing House to be used for refunding all or a portion of the outstanding ABAG Finance Authority for Nonprofit Corporations Insured Revenue Bonds (Channing House), Series 2010 and to finance the acquisition, construction, equipping and furnishing of improvements at the Borrower’s continuing care retirement community located at and in the vicinity of 850 Webster Street, Palo Alto, California 94301 in an amount not to exceed $50,000,000 (collectively, the “Project”).  The Project will be owned and operated by Channing House.

Biola University Selects the CMFA as Issuer of a $74,400,000 Bond Financing

Apr 18, 2017

Founded in 1908, Biola University is a California non-profit religious corporation, organized and existing under the laws of the State of California. The University, containing eight schools, offers four baccalaureate degrees in 40 majors, 20 masters and eight doctoral degrees and its commitment to academic excellence is firmly rooted in its adherence to an in-depth, knowledgeable and living Christianity.

The CMFA issued $74,000,000 for Biola University. Proceeds from the bonds will be used to refund the California Municipal Finance Authority Refunding Revenue Bonds Series 2008A, which bonds refunded the California Statewide Communities Authority 2002 Variable Rate Demand Revenue Bonds Series A and Series B and refunded the Biola University Taxable Variable Rate Demand Revenue Bonds Series 2004 A and Series 2004 B.

CMFA Issues Tax-Exempt Financing Villa Pacifica II Apartments

Apr 18, 2017

The CMFA issues $9,201,527 in tax-exempt bond proceeds for the Villa Pacifica II Apartments. The project is a proposed new construction development of a 3-story building consisting of 48 one-bedroom units and 12 two-bedroom units. All the units will be income restricted to senior households age 62 years and older with income levels at or below the 30%, 50% and 60% AMI levels, except for 1 two-bedroom manager unit. The property is a vacant lot located at 7418 Archibald Avenue in Rancho Cucamonga, CA. The site is located adjacent to the existing Villa Pacifica Senior Apartments. The financing of this project will result in the creation of affordable housing for another 59 low-income, senior households in the City of Rancho Cucamonga for the next 55 years.

CMFA Completed the issuance of $5,176,097 in Bonds for Waverly Place Apartments

Apr 11, 2017

The Waverly Place Apartments is a new construction development of a 15-unit multifamily affordable housing project with one manager unit. The vision of the project is to create a permanent supportive housing development for the chronically homeless mentally ill individuals. The development will provide a community room with full kitchen, four offices, a lobby, a laundry room on each floor, around an interior courtyard. Sixteen parking spaces will also be provided as well as on-site bike racks. This financing will help create 15 units of high quality, affordable housing for low-income households in the City of Redwood City for the next 55 years.