Archive for March, 2018

The CMFA issues $16,000,000 in Tax-Exempt Financing for the Cornerstone Place Apartments Project to assist El Cajon’s Low-Income Residents

Mar 29, 2018

The Cornerstone Place Apartments is the new construction of 70-unit affordable multifamily apartment project located near downtown El Cajon, CA. The project will target families and veterans. The project will consist of a 4-story building with one- and three-bedroom units and structured parking. Unit amenities will include energy efficient appliances and a balcony or patio. Apart from the manager’s unit, all the units will be income restricted to households earning between 50% and 60% of AMI. Amenities will include on-site property management, an outdoor courtyard, community room, elevator, laundry facilities and lounges on each floor. The project is located near public transit and within walking distance of local resources. The financing of this project will result in the creation of affordable housing for 69 low income households in the City of El Cajon for the next 55 years

CMFA Completed the issuance of $12,800,000 in Bonds for Paseo Del Oro 2 Apartments

Mar 27, 2018

The Paseo Del Oro 2 Apartments project is the acquisition/rehabilitation of a multi-family housing development located at 432 W. Mission Road, San Marcos, CA. The existing affordable housing complex consists of 102 restricted units, 17 market rate units and 1 unrestricted manager unit. The complex consists of one, two, three and four-bedroom units. Targeted residents will have a household income between 30% and 50% of AMI. The renovations will include building exterior upgrades. Building exterior renovations will consist of roof replacement, window replacement; repainting the buildings and replacing and upgrading building systems. Individual apartment units will be updated with replacing countertops, cabinetry, flooring, windows, installing new refrigerators, ranges, range hoods, and dishwashers. Common area renovations will consist of playground improvements, site fencing, addressing parking lot deferred maintenance and ADA updates. This financing will retain 102 units of affordable housing in the City of San Marcos for the next 55 years.

Low Cost, Tax-Exempt Financing Provided for Tuolumne County

Mar 22, 2018

The Bonds are being issued to provide funds to finance various public capital improvements and projects described below.

$18.7 Million (est. cost) for the Law & Justice Center.

This will pay for final improvements to the Mother Lode Regional Juvenile Facility, development of the Law & Justice Center road and utility infrastructure, and pay for the County’s match to construct the new County Jail. The useful life of the new jail is expected to be at least 40 years.

$3.11 Million (est. cost) for two Technology Projects.

This will pay for the purchase and installation of a replacement Enterprise Resource Planning system (Finance, Human Resources, and Budget) and to replace/upgrade the County’s computer network. The useful life of this technology is expected to be at least 10 years.

The proceeds of the Bonds will be used to finance these capital projects, fund costs of issuance and depending on market conditions, fund a reserve fund (including the costs of any municipal bond insurance policy and/or reserve fund surety policy).

The financing is being structured as a lease financing. In simplistic terms, the County is expected to lease four of its buildings for up to 31 years. The buildings include County Administration, the Albert N. Francisco Building, the Historic Yaney Courthouse, and the Sonora Library (although the County Administrator or such other officer or officers of the County designated for this purpose may designate additional or alternative sites to lease). During this time period, the County continues to have full use of the buildings for normal County business because the County will leaseback the buildings. The County will be obligated to pay rent under the lease in an amount equal to debt service on the Bonds, subject to the County having beneficial use and occupancy of the leased premises. The County will also be obligated to pay additional rent in an amount equal to the ongoing expenses related to the Bonds.   Following the bond payback, the buildings revert to the County.

The CMFA Works with National Community Renaissance to Finance Affordable Housing with Tax-Exempt Financing of $27,550,000

Mar 22, 2018

The CMFA issued $27,550,000 in tax-exempt bonds to finance the acquisition and rehabilitation of Sierra Vista Apartments.

The Sierra Vista Apartments project is the acquisition/rehabilitation of a multi-family housing development located at 422 Los Vallecitos Blvd., San Marcos, California. This existing affordable housing complex consists of 190 restricted units and 2 manager’s units. Targeted residents will have a household income between 50% and 60% of AMI. Building exterior renovations include new windows and sliding doors, deck protective coating, subfloor and dry rot repairs, new roof and fresh paint. Interior renovations include improvements to the leasing office, community room and laundry facility, as well as replacement of boilers, storage tanks and recirculation pumps. Individual apartment units will be updated with new kitchen appliances, kitchen and bathroom countertops, plumbing fixtures, light fixtures, ceiling fans, flooring, window blinds, drywall repair, fresh paint, electrical upgrades and ADA improvements. Common area renovations include improvements to signage, carport roofs, drainage, landscaping, fences, gates, sidewalks, the playground and ADA accessibility. The financing of this project will result in preserving affordable housing for 190 households in the City of San Marcos for an additional 55 years.

The CMFA PACE Program Issues $4,417,874 in Property Assessed Clean Energy Bonds

Mar 13, 2018

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 another $4,417,874 in residential PACE bonds today.