Archive for September, 2017

The CMFA PACE Program Issues $3,333,090 in Property Assessed Clean Energy Bonds

Sep 26, 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 recently issued $3,333,090 in residential PACE bonds.

The CMFA Completed the issuance of $52,915,000 in Bonds for Emerson College

Sep 19, 2017

The proceeds of the bonds will be used to refinance the Authority’s outstanding Revenue Bonds, Emerson College Issue, Series 2011, the proceeds of which were loaned to the Borrower to finance the acquisition, construction, furnishing and equipping of a 10-story, approximately 118,000 square foot mixed-use building containing classrooms and administrative office space, 220 student housing rooms containing 220 beds, four faculty apartments, ground floor retail space, 158 bicycle spaces and a 245-space parking garage with three levels of subterranean parking owned and operated by the Borrower and located on 37,350 square feet of land at 5960 West Sunset Boulevard, Los Angeles, California.

The CMFA Issues $3,570,535 in Bonds for Heritage Christian School

Sep 15, 2017

The Hillcrest Christian School (dba Heritage Christian School) will enter into a plan of finance, to finance and refinance educational facilities, including related administrative facilities, site improvements, and parking, including but not limited to new construction, renovation, improvement and equipping of facilities located on the Corporation’s north campus at 17531 Rinaldi Street, Granada Hills, California 91344 (the “North Campus”), and on the Corporation’s south campus at 9825 Woodley Avenue Northridge, California 91343 (the “South Campus”), including upgrades to parking lots on the North Campus and the South Campus; and upgrades to the floor and bleachers of the gymnasium on the South Campus. The proceeds will also be used for refinancing existing indebtedness that was issued in 2003 and prior years for the acquisition, construction, renovation, improvement and equipping of facilities on the North Campus, the South Campus and on land adjacent to the North Campus.

The CMFA Assists Pacific West Communities, Inc. on an $7,360,000 Tax-Exempt Bond Financing

Sep 7, 2017

The proceeds of the Bonds will be used for the construction of the the Bow Street Apartments II, a new construction project located in the City of Elk Grove. The project will consist of 98 units in four residential buildings and one community building with 48 units utilizing 4% tax credits and the remaining units utilizing 9% tax credits. The 48 units are comprised of 12 one-bedroom units, 24 two-bedroom units, and 12 three-bedroom units. The project will target families earning 50% and 60% of area median income. The project will incorporate a number of amenities including 84 hours per year of adult education health and wellness classes, as well as additional health and wellness services and programs. This portion of the development will provide the city of Elk Grove with 48 much needed units of affordable housing for the next 55 years.

The CMFA PACE Program Issues $3,333,090 in Property Assessed Clean Energy Bonds

Sep 5, 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 recently issued $3,333,090 in residential PACE bonds in September.

The CMFA issues $25,620,000 in Tax-Exempt Financing for the Retirement Housing Foundation

Sep 5, 2017

The CMFA issued $25,620,000 in tax-exempt financing to refinance prior bonds related to the facilities described below, finance or reimburse the costs of constructing, renovating, remodeling and/or equipping long-term care facilities located on the Borrowers’ campuses, fund a debt service reserve fund and pay certain expenses incurred in connection with the issuance of the Bonds.

Bond proceeds will be used to refinance certain facilities including: (1) Bixby Knolls Towers and Bixby Knolls Health Care & Rehabilitation Center located at 3737 Atlantic Avenue and 3747 Atlantic Avenue, Long Beach, California, (2) Gold Country Health Center and Gold Country Retirement Center located at 4301 Golden Center Drive and 6041 Golden Center Court, Placerville, California, and (3) Sun City Gardens located at 28500 Bradley Road, Sun City, California.

Mutual Housing California Partners with the CMFA on Owendale Mutual Housing Community Apartments

Sep 5, 2017

The Owendale Mutual Housing Community Apartments is located at 3023 Albany Avenue in Davis. Originally constructed in 2003, the multi-family community’s 45 units are situated on a 2.3-acre site. There are six residential buildings ranging from one to three stories in height. The community building, which houses the manager’s office, resident community room, and common laundry room, is centrally located. The community’s unit mix includes 14 one-bedroom, 15 two-bedroom, 15 three-bedroom units and one manager’s unit. The current tenant population is comprised of families and seniors. Following the property’s rehabilitation, five units will be designated for developmentally disabled households who are eligible for rental assistance under HUD’s Section 811 Project-Based Rental Assistance program. The planned rehabilitation includes repairing extensive cracks in the buildings’ stucco exteriors, repainting and re-roofing the buildings, enhancing and making more drought tolerant the landscaping, installing a new water-wise irrigation system, installing new energy efficient LED building and site lighting, and upgrading the patio fencing and trash enclosures. Rehabilitation within the units will include installation of energy efficient heating-air conditioning systems, appliances, water heaters, bathroom fans, flooring, as well as water- and energy-efficient plumbing and lighting fixtures. The financing of this project will result in the preservation of 44 units of affordable housing for the next 55 years in the City of Davis.

The CMFA PACE Program Issues $665,389 in Property Assessed Clean Energy Bonds

Sep 1, 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 recently issued $665,389 in residential PACE bonds in September.

The Willows Community School Selects the CMFA as Issuer of a $25,500,000 Bond Financing

Sep 1, 2017

The proceeds of the bonds will be used to finance and refinance Willows Community School 2017 Project, refund all of the outstanding California Municipal Finance Authority 2012 Tax-Exempt Loan (Willows Community School) (the “2012 Loan”), issued to finance or refinance the 2012 Project, and pay costs of issuance and certain interest with respect to the Loan. The “2017 Project” is the acquisition, construction, improvement, renovation, furnishing and equipping of educational and related facilities, including athletic facilities, located on property adjacent to the Borrower’s main campus in the City of Culver City at: 8525 Higuera Street, Culver City, California 90232 and 8520 Warner Drive, Culver City, California 90232.

CMFA Issues Tax-Exempt Financing for Urban Core Development

Sep 1, 2017

The CMFA issued $29,100,0000 for Urban Core Development to help finance Coliseum Transit Village Apartments project. Coliseum Transit Village is a new construction of a 110-unit affordable multi-family housing development. The development sits on an existing BART owned parking lot adjacent to the Coliseum BART station. Half of the units will be restricted at 50-60% AMI. The remaining units will be “workforce units” (60-100% AMI), which will be affordable to individuals and families that are highly “housing insecure,” meaning they spend more than half their income on rent, but are not served by traditional affordable housing. The project will be located at Snell and 71st Street, Oakland, CA and will provide 55 years of affordable housing.