Archive for August, 2017

CMFA Completed the issuance of $15,500,000 in Bonds for Desert Oasis Apartments

Aug 24, 2017

The Desert Oasis Apartments project is an acquisition/rehabilitation of an existing 90-unit affordable multi-family housing development that is located at 46211 Jackson Street, Indio, CA. The planned renovations will improve the safety, aesthetics and sustainability of the property for residents and neighbors alike, by addressing all urgent building issues, completing comprehensive interior and exterior renovations and creating a more sustainable property. The preservation and rehabilitation of the property will preserve this community as an affordable project for another 55 years.

The CMFA Assists Peoples Self Help Housing Corporation on an $6,316,547 Tax-Exempt Bond Financing

Aug 18, 2017

The proceeds of the Bonds will be used for the acquisition and rehabilitation of the Los Robles Terrace Apartments, an existing 40-unit apartment property for multifamily seniors. 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 2940 Spring Street in the City of Paso Robles, County of San Luis Obispo, 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 the retaining of 39 affordable apartments for the next 55 years

The CMFA issues $8,000,000 in Tax-Exempt Financing for the Connell Apartments Project to assist Gilroy’s Low Income Residents

Aug 14, 2017

Connell Apartments is a 28-unit affordable housing development built in 1962 situated on three contiguous land parcels totaling 0.81 acres located in a residential neighborhood characterized by single-family housing and low-rise apartment buildings. The project is composed of three two-story buildings. The 28 units are distributed among the three buildings as follows: 20 units at 7010 Princevalle St., 4 units at 610 Fairview Dr., and 4 units at 620 Fairview Dr. The project consists of studio, 1-bedroom and 2-bedroom units. Proposed work includes repair or replacement of roofs at 610 & 620 Fairview, exterior siding, windows, stairs, balcony decks and upper walkways, renovation of selected unit interiors, laundry room upgrades, solar photovoltaics installation, upgrades to HVAC/mechanical and electrical systems, retrofitting of irrigation system, replacement of selected lawn sections with drought resistant landscaping, repairs to hardscape and paving and repairs to parking areas. Renovations are anticipated to improve site energy efficiency by 10%. This financing will preserve 27 units of affordable housing for the City of Gilroy for another 55 years.

The CMFA Issues $43,575,000 in Tax-Exempt Financing for Napa Park Homes

Aug 11, 2017

The Napa Park Homes Apartments is an acquisition and rehabilitation of an existing 140-unit affordable multifamily rental housing facility located in the City of Napa, California. The project amenities include, a community room, management office, maintenance office, laundry room and tot lots. The project was last renovated in 1995 and is in need of updates. Renovations will be done to improve energy efficiency and to meet sustainability goals and improve building performance. Interior improvements to the unit’s kitchens, bathrooms and flooring will also be addressed. 128 of the units are restricted to households earning between 50% and 60% and less of AMI. The financing of this project will result in the preservation of 128 affordable apartments for the next 55 years.

CMFA Issues Tax-Exempt Financing for Escondido Bioenergy Facility

Aug 10, 2017

The Escondido Bioenergy Facility will be a $8.1M fully financed 1.2 MW biogas cogeneration project located onsite at the City of Escondido’s Hale Avenue Resource Recovery Facility (“HARRF”) 1521 South Hale Avenue in Escondido, CA 92029 (the “Site”).

The loan will be used to finance the acquisition, construction, improvement and equipping of a certain biogas cogeneration project, consisting of two pre-packaged Combined Heat and Power systems and the required gas conditioning and emissions control equipment and certain ancillary and related equipment and facilities, to be located at the City of Escondido’s Hale Avenue Resource Recovery Facility (“HARRF”), within the City of Escondido, and to be owned and operated by the Borrower.

HARRF is an activated sludge, secondary treatment wastewater treatment plant that consists of biological processes of which digester gas is a by-product. Digester gas is composed of about 40% carbon dioxide and 60% methane. The Facility consists of two pre-packaged Combined Heat and Power (“CHP”) systems, one rated at 800 kW and the other rated at 400 kW, along with required gas conditioning and emissions control equipment. Both of the CHP systems will be integrated into the infrastructure of the existing Facility, and will produce power for delivery to HARRF. The Project will utilize HARRF’s digester gas as fuel (“Biogas”) and generate both electricity and heat to offset the Facilities electrical power and natural gas demand from the local utility, San Diego Gas and Electric (“SDG&E”).

The Facility will be located on HARRF property under a Site License Agreement which is included as Exhibit F of the PPA. As consideration for use of the lands, Anaergia will pay $10.00 to the City of Escondido prior to Commercial Operation, and will be responsible for property taxes on capital improvements. The main components of the Project will consist of a Gas Conditioning System (“GCS”), a 400 kW CHP engine/generator package, and an 800 kW engine/generator package.

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

Aug 4, 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 $100,000 total in contributions from the California Foundation for Stronger Communities with funds donated by the CMFA.

The ten well-deserving organizations include:

Desert Haven Enterprises

East Los Angeles Women’s Center

Comprehensive Youth Services of Fresno, Inc.

Mountain Jewels Home

Training Employment and Community Help, Inc.

Dramaworks

California Association of Food Banks – Fresno

Association for Better Learning Experiences Inc.

Breaking the Cycle Treatment Program Inc.

Green Pastures Youth Center

Pitzer College Selects the CMFA as Issuer of a $63,000,000 Bond Financing

Aug 2, 2017

The proceeds of the Bonds will be loaned to Pitzer and used for financing and refinancing the acquisition, construction, improvement and equipping of certain educational facilities, including related administrative facilities, site improvements, and parking, located in the City of Claremont, California and to refinance all or a portion of the Corporation’s outstanding California Educational Facilities Authority Revenue Bonds (Pitzer College) Series 2009.