Archive for June, 2017

The CMFA Issues $100,200,000 in Tax-Exempt Financing for Eisenhower Medical Center

Jun 29, 2017

The Borrower expects to use the proceeds of the Bonds to: (1) refinance the costs of the acquisition, construction and equipping of certain health care capital improvements at the Eisenhower George and Julia Argyros Health Center, a 93,000 square feet outpatient care, imaging/laboratory, wellness and physician office center, located at 45280 Seeley Drive, La Quinta, California 92253; and on and adjacent to the campus of Eisenhower Medical Center, located at 39000 Bob Hope Drive, Rancho Mirage, California 92270, including a 313-bed acute care hospital and the 248-bed Walter and Leonore Annenberg Pavilion (combined, the “Project”); and (2) pay various transaction costs, issuance costs other costs related to the Bonds.

The CMFA Assists Windsor Mobile Country Club on a $21,425,000 Tax-Exempt Bond Financing in Sonoma County, CA

Jun 29, 2017

The proceeds of the Bonds will be used to: (1) refund the Authority’s outstanding Mobile Home Park Refunding Revenue Bonds (Windsor Mobile Country Club), Series 2013A and its outstanding Mobile Home Park Taxable Refunding Revenue Bonds (Windsor Mobile Home Park), Series 2013C (collectively, the “2013 Bonds”); and (2) pay certain expenses incurred in connection with the issuance of the Bonds. The proceeds of the 2013 Bonds were used to make a loan to ROP WMCC LLC, a California limited liability company (the “Borrower”) to enable the Borrower to acquire and establish certain reserves for the Windsor Mobile Country Club, a 336-space mobile home park located at 8109 Conde Lane in Windsor, California currently operated by Resident Owned Parks, Inc., a California nonprofit public benefit corporation. A number of the spaces in the mobile home park are rented to persons and families of low or very low income.

The CMFA issues $9,638,975 in Tax-Exempt Financing for the Mission Court Senior Apartments Project to assist Fremont’s Low Income Residents

Jun 27, 2017

The Mission Court Senior Apartments is a 90-unit residential development for very low and extremely low income seniors located in the Warm Springs/South Fremont area of Fremont, CA. The project is located on a 2.25-acre site on the corner of Warren Avenue and Mission Falls Court and represents the inclusionary component of a broader master-planned community which will include approximately 500 units of senior residential housing and other senior focused amenities such as senior community center.

The affordable housing community will serve seniors who earn between 30% and 50% of the Area Median Income (AMI). The project features 89 one- and two-bedroom units for seniors and 1 two-bedroom resident manager’s unit. 44 of the units will be financed using 4% bond financing and the remaining 46 units will be financed using 9% financing. This financing will create 43 units of affordable housing for the City of Freemont for 55 years.

USA Properties Selects the CMFA as Issuer of a $12,500,000 Bond Financing

Jun 27, 2017

The CMFA issued $12,500,000 in tax-exempt bonds for the construction of a new affordable housing project.

The Newark Station Seniors Apartments is a new construction of a 75-unit affordable senior housing development. The project will consist of a single 4-story building with surface parking. The grounds will include a clubhouse, computer center and laundry facility. The project accommodates senior families with unit sizes of one- and two-bedrooms located at 37433 Willow Street, Newark, CA. The project will include energy efficiency, common area amenities and resident services. This financing will create 75 units of affordable senior housing for the City of Newark for 55 years.

CMFA Financings Enable $100,000 in Contributions to California Nonprofits

Jun 23, 2017

The CMFA continues to give back to the communities in California by directing a portion of its issuance fees to charitable organizations. Six 501(c)(3) organizations received $100,000 total in contributions from the California Foundation for Stronger Communities with funds donated by the CMFA.

The 6 well-deserving organizations include:

Breast and GYN Health Project

Claddagh Fund Charities Inc., restricted to Veterans Housing.

Local Indians for Education

Operation Safe House Inc.

Stanford Youth Solutions

Westside Domestic Violence Shelter

CMFA Completed the issuance of $42,559,500 in Bonds for 3706 San Pablo Apartments

Jun 20, 2017

The 3706 San Pablo Apartments is a new construction project located at 3706 San Pablo Avenue, Emeryville, CA. The project is located on the border of the City of Emeryville and the City of Oakland. The project will have 86 units, with one to four bedroom units, serving as permanent housing for individuals and families. The project will be restricted to households earning 60% or less of Area Median Income. On-site amenities will include property management, community open space, play area, Zen garden, sky deck, computer lab, on-site service coordinator, and employment assistance. This financing will create 86 units of affordable housing for low-income households in the City of Emeryville and the City of Oakland for 55 years.

The CMFA PACE Program Issues $3,805,672 in Property Assessed Clean Energy Bonds

Jun 16, 2017

PACE (Property Assessed Clean Energy) is an innovative program that provides residential and commercial property owners with low-cost, long-term financing for water conservation, energy efficiency, and renewable energy improvements. All while helping local governments meet their water and energy conservation objectives.

The CMFA issued $3,805,672 in residential PACE bonds

CMFA Issues Tax-Exempt Financing for South Fulton Village Apartments

Jun 16, 2017

The CMFA issues $3,764,973 in tax-exempt bond proceeds for the South Fulton Village Apartments. The project is an acquisition/rehabilitation of an existing 280-unit senior housing project that houses seniors 55 years and older. South Fulton Village is made up of 1 and 2-bedroom units, each with a patio/balcony and air conditioning. 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.

Low Cost, Tax-Exempt Financing Provided for the Park Place Apartments

Jun 16, 2017

The CMFA issued $25,691,304 in tax-exempt bond financing. The proceeds of the Bonds will be used for the acquisition and rehabilitation of the Park Place Apartments.

The Park Place Apartments is a 112-unit affordable multifamily housing project. The property was built in 1971 and is suffering from deferred maintenance due to its age. The property is located within a residential area with shipping and transportation close by. 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 a reduction in environmental pollution. This financing will help preserve high quality affordable housing for 112 family households in the City of Morgan Hill for another 55 years.

The CMFA Works with MRK Partners to Finance Affordable Housing with Tax-Exempt Financing of $25,297,039

Jun 15, 2017

The CMFA issued $25,297,039 in tax-exempt bonds for MRK Partners to finance the acquisition and rehabilitation of Deliverance Temple Apartments.

The Deliverance Temple Apartments is an acquisition/rehabilitation of an existing affordable housing multifamily project. The project is an 82-unit multifamily residential rental facility, located at 4312 Potrero Avenue, Richmond, CA. The project was built in the 1970’s and consists of nine buildings on two separate sites located ½ mile from each other. Due to the age and condition of the project, it is in need of substantial rehabilitation. Amenities will include laundry, common area seating, access to public transportation, parking, and onsite management. Services to be provided include educational services and children lunches. This financing will preserve a much needed 82 units of affordable housing for the City of Richmond for another 55 years.

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