Archive for July, 2018

CMFA Completed the issuance of $26,915,000 in Bonds for the Asian Community Center of Sacramento Valley

Jul 26, 2018

The CMFA Completed the issuance of $26,915,000 in bonds for the Asian Community Center of Sacramento Valley. The proceeds of the Bonds will be used to finance the construction of the Corporation’s ACC Maple Tree Court Assisted Living and Memory Care Center, an approximately 64,082 square foot facility including 38 studios and 34 one-bedroom assisted living units, 30 memory care living units and support services, to be located at 7599 Maple Tree Way in Sacramento, California.

The CMFA PACE Program Issues $5,996,664 in Property Assessed Clean Energy Bonds

Jul 24, 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 $5,996,664 in residential PACE bonds today.

The CMFA Works with Spira Equity Partners to Finance Affordable Housing with Tax-Exempt Financing of $13,475,000

Jul 20, 2018

The CMFA issued $13,475,000 in tax-exempt bonds to finance the acquisition and rehabilitation of Park Manor Apartments.

Park Manor Apartments is an existing project located in Hayward on a 2.34-acre site. The project consists of 80 restricted rental units and one unrestricted manager unit. All 81 units of the project are two-bedroom units. The renovations will include building exterior and interior upgrades. Building exterior and interior renovations will consist of new lighting, installation of artificial turf, stucco repairs, new roofing and canopies, window and door replacements, replacement of smoke and CO1 detectors, installation of trash compactors, new downspouts, seismic retrofits and a fresh coat of paint. Individual apartment units will be updated with new doors and windows, new in-unit wall mount heaters, new vinyl plank flooring, carpet in the bedrooms, kitchen countertops, kitchen and bathroom cabinets, new bathroom fixtures, toilets and garbage disposals. Common or site area renovations will consist of updating accessibility for ADA compliance, concrete repairs, common area updates and landscaping. The rehabilitation is expected to begin in July 2018 and be completed in March 2019. This financing will retain 80 units of affordable housing in the City of Hayward for the next 55 years.

CMFA Financings Enable $15,000 in Contributions to California Nonprofits

Jul 20, 2018

The CMFA continues to give back to the communities in California by directing a portion of its issuance fees to charitable organizations. Three 501(c)(3) organizations received a total of $15,000 in contributions from the California Foundation for Stronger Communities with funds donated by the CMFA.

The 3 well-deserving organizations include:

Alturas Veterans Family & Friends

Plumas Crisis Intervention and Resource Center

Siskiyou Opportunity Center

The CMFA PACE Program Issues $2,530,430 in Property Assessed Clean Energy Bonds

Jul 12, 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 $2,530,430 in residential PACE bonds today.

CMFA Issues Tax-Exempt Financing for Bella Mente Montessori Academy

Jul 11, 2018

The CMFA issued 15,970,000 in tax-exempt bonds for Bella Mente Montessori Academay. The proceeds of the Bonds will be used to finance or refinance the costs of the acquisition, construction, improvement, renovation and equipping of land and charter school facilities located at 1737 West Vista Way, 155 North Emerald Drive and 221 North Emerald Drive, all in Vista, California 92083, reimbursing the Borrower for costs incurred in connection with the Facilities.