Archive for October, 2017

The CMFA Gives More Than $10,000,000 To California Charities

Oct 30, 2017

For each issuance that the CMFA participates in, a grant equal to 25% of the issuance fee is made to the California Foundation for Stronger Communities (“CFSC”) to fund charities designated by the member communities. A portion of the annual fees received by the CMFA is also be directed to charitable activities within California communities. This unique commitment to “give back” directly to the communities in which we operate sets the CMFA apart.

At our October 2017 board meeting, the CMFA reached $10,000,000 in charitable grants that have been donated to non-profit organizations throughout California.

List of Charitable Allocations

The CMFA Issues $13,000,000 in Tax-Exempt Bonds for the EE Cleveland Manor Project

Oct 23, 2017

The EE Cleveland Manor Apartments project is an acquisition/rehabilitation of a 54-unit affordable multi-family housing development for the elderly. The project is made up of 13 studio apartments, 40 one-bedroom and one 2-bedroom manager’s unit. EE Cleveland Manor is located at 2611 EC Reems Court, Oakland, California. The rehabilitation will include upgrading air conditioning and heating units, mechanical and electrical. Interior upgrades will include new kitchen and bathroom equipment, new cabinets, new kitchen surfaces, new flooring, paint and new window treatments. Exterior upgrades will include replacement of certain patio covers, widening of common area pathways, common area lighting, improvements to community areas, parking area improvements and paint. This financing will preserve 53 units of affordable housing for the City of Oakland for another 55 years.

CMFA Issues Financing for OPTIONS Family of Services

Oct 12, 2017

The CMFA recently issued $2,140,000 in tax-exempt financing for OPTIONS Family of Services. The proceeds of the Bonds will be used to provide for the refunding for outstanding Revenue Bonds, the proceeds of which were used to refinance debt incurred to finance improvements to the following facilities: (a) Allegro (9180 Barranca, Atascadero), (b) Atascadero ICF (8020 Coromor, Atascadero), (c) Morro Bay ICF (490 Bernardo, Morro Bay), (d) SLO (1693 McCollum, San Luis Obispo), (e) Sonata (5755 Valentina, Atascadero), (f) Alvin (937 West Alvin, Santa Maria), and (g) Mariposa (4087 Hillview, Santa Maria), in connection with its residential, day program and crisis services to people with developmental disabilities.

The CMFA PACE Program Issues $3,360,321 in Property Assessed Clean Energy Bonds

Oct 6, 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 $3,360,321 in residential PACE bonds.

Low Cost, Tax-Exempt Financing Provided for the Monterra Village Apartments

Oct 6, 2017

The Monterra Village Apartments is an existing project located in Gilroy on a 2.38-acre site. The project consists of 33 restricted rental units and 1 unrestricted manager’s unit. The project provides 14 two-bedroom units, 16 three-bedroom units and 4 four-bedroom units. Building exterior renovations will consist of roof replacement, siding and balcony/deck repair and new paint. Interior renovations will include upgrades to the community room and kitchen, installation of a solar photovoltaic system as budget allows, and upgrades to the HVAC, plumbing and electrical systems. Individual apartment units will be updated with replacement of lighting, flooring, cabinets, countertops, kitchen appliances and bathroom ventilation fans. The rehabilitation of this project will provide affordable living in the City of Gilroy for an additional 55 years.

The CMFA Works with Community Housing Development Corporation of North Richmond to Finance Affordable Housing with Tax-Exempt Financing of $16,000,000

Oct 6, 2017

The CMFA issued $16,000,000 in tax-exempt bonds for North Richmond to Finance Affordable Housing to finance the acquisition and rehabilitation of the Barrett Plaza Townhomes.

The Barrett Plaza Townhomes is an acquisition rehabilitation of a 58-unit, affordable multi-family housing development consisting of two and three-story townhomes. The project was developed in 1975 and needs significant rehabilitation. The project has 46 three bedroom units, 11 four bedroom units, and one manager’s unit. It consists of 14 two-story buildings, containing between three and six units each. Parking is provided in uncovered surface lots that are fenced and equipped with power operated gates. The physical needs assessment concluded that multiple items need to be replaced such as furnaces, exhaust fans, water heaters, stucco patio walls and retrofitted windows. Full rehabilitation of the interior of 49 units including new flooring, bathroom fixtures, bathroom and kitchen cabinets, etc. New landscaping for grounds is also needed. The project is located at 510 Barrett Avenue, Richmond, California. This financing will continue to preserve 57 units of affordable housing in the City of Richmond for the next 55 years.