Archive for May, 2017

The CMFA Issues $34,355,000 in Tax-Exempt Bonds for the Institute on Aging

May 31, 2017

The proceeds of the Bonds will be used to: (i) refinance all or a portion of certain outstanding debt obligations that originally financed and refinanced the acquisition, construction, equipping and furnishing of facilities, including a clinic, meeting and office space and a parking garage, owned and operated by the Borrower, in connection with the provision of health care and other support services for low-income, frail older adults, and (ii) pay certain expenses incurred in connection with the issuance of the Bonds.

The CMFA Completes a $39,960,000 Financing for the South Fulton Village Apartments

May 31, 2017

The South Fulton Village Apartments project is an acquisition/rehabilitation of an existing 280-unit senior housing project that houses seniors 55 years and older. The project will include substantial rehabilitation of each unit as well as rehabilitation to the community room and shared facilities. The rehabilitation aims to increase energy and water efficiency and will include a 20-year renewal of the HAP contract. Rents will be restricted to senior households with incomes no greater than 50% of the area median income. This project is located at 10829 Fulton Wes Avenue, Santa Fe Springs, California.

The City of Oakland to Benefit from Tax-Exempt Financing with the CMFA

May 26, 2017

Providence Health & Services requested that the CMFA issue $7,440,000 in tax-exempt bonds for the construction of the Providence House Oakland Apartments. The Providence House Oakland Apartments is an existing 41-unit affordable multi-family housing development project located at 540 23rd Street, Oakland, CA  94612. The project’s 40 units of affordable housing serve individuals with a diagnosed mental or physical disability. There are additional preferences for housing individuals with HIV/AIDS and homeless households. All units are restricted to households making 50% & 60% of AMI or less. Rehabilitation will include energy efficiency upgrades, select interior and exterior repairs and replacements, front entry area will be reconfigured, additional security cameras and common areas will be reconfigured. This financing will preserve 40 units of affordable housing for the City of Oakland for 55 years.

CMFA Financings Enable $80,000 in Contributions to California Nonprofits

May 19, 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 $80,000 total in contributions from the California Foundation for Stronger Communities with funds donated by the CMFA.

The five well-deserving organizations include:

Alternative Family Services.

Court Appointed Special Advocates of Contra Costa County.

Little League Baseball, Inc. Restricted to Desert Hot Springs.

Mychal’s Learning Place.

Open Line Group Home.

 

The CMFA Works with Peoples Self Help Housing Corporation to Finance Affordable Housing with Tax-Exempt Financing

May 16, 2017

The CMFA issued $5,491,713 in tax-exempt bonds for Peoples Self Help Housing Corporation to finance the acquisition and rehabilitation of Valentine Court Apartments.

The Valentine Court Apartments is an Acquisition/Rehabilitation of an existing 35-unit apartment property for multifamily renters. The project involves the refinance of an existing HUD 202 project with 4% Low Income Housing Tax Credits and tax-exempt bonds. The rehabilitation will include photovoltaic and solar hot water installation, accessibility and security system upgrades, and unit and community space renovations. The project will be made up of studio and one bedroom apartments for families making 50% or less of Area Median Income. The project is located at 280 E. Newlove, City of Santa Maria, County of Santa Barbara, CA. The rehabilitation will ensure long-term financial sustainability and extend the useful life of the building, and will also extend the HUD use agreement and ensure long-term affordability for residents. The financing of this project will result in retaining 34 affordable apartments for the next 55 years.