Archive for August, 2018

CMFA Financings Enable $230,000 in Contributions to California Nonprofits

Aug 31, 2018

The CMFA continues to give back to the communities in California by directing a portion of its issuance fees to charitable organizations. Seven 501(c)(3) organizations received a total of $230,000 in contributions from the California Foundation for Stronger Communities with funds donated by the CMFA.

The 7 well-deserving organizations include:

Grandma’s House of Hope

My Safe Harbor, Inc.

Amazing Surf Adventures

Oscar De La Hoya Foundation

American Family Housing

Shasta Regional Community Foundation, restricted to the Community Disaster Relief Fund

United Way of Northern California, restricted to the Shasta County Fire Relief Fund

CMFA Issues Tax-Exempt Financing for Arroyo Del Camino II Apartments

Aug 31, 2018

Arroyo Del Camino II Apartments is a new construction project located in Avenal on a 2.04-acre site. The project consists of 36 restricted rental units. The project will have 24 two-bedroom units and 12 three-bedroom units. The buildings will be two-story garden style apartments and the type of construction will be wood frame supported by perimeter foundations with concrete slab flooring. Common amenities include a children’s playground, covered picnic area and a centralized open space. The project will share a large community building with Arroyo Del Camino Phase I. The building includes an office, computer learning center, laundry facilities, community room and a kitchen. Each unit will have a refrigerator, dishwasher, garbage disposal, range with oven, covered patio or balcony with storage and washer/dryer hook-ups. Covered parking spaces will be provided. The construction is expected to begin in August 2018 and be completed in August 2019.This development will provide the City of Avenal with 36 much needed units of affordable housing for the next 55 years.

CMFA Completed the issuance of $5,750,000 in Bonds for the Cobblestone Village Apartments

Aug 31, 2018

The Cobblestone Village Apartments project is the acquisition/rehabilitation of a multi-family housing development located at 360 E. Washington Avenue in Escondido, CA. The project consists of 43 restricted rental units and 1 restricted manager unit. The project has 44 three-bedroom units. The renovations will include building exterior and interior upgrades. Building exterior renovations will consist of reroofing and a fresh coat of paint. Individual apartment units will be updated with replacement of countertops and cabinetry, replacement of flooring and windows, new refrigerators, ranges, range hoods and dishwashers. Lastly, common onsite area renovations will consist of parking lot upgrades, site fencing, playground improvements and replacing/upgrading building systems as necessary. This financing will preserve 44 units of affordable housing in the City of Escondido for the next 55 years.

John Adams Academy Selects the CMFA as Issuer of a $19,500,000 Bond Financing

Aug 30, 2018

The proceeds of the Series 2018 Bonds will be used for (i) the acquisition of an approximately 1.4-acre site located in the unincorporated territory of County of El Dorado and the existing improvements thereon, including an approximately 80,000 square-foot building and the improvement of the site and the building and the acquisition and installation of fixtures, furniture and equipment for public charter school use; (ii) capitalized interest, if necessary, with respect to the Bonds; (iii) a reserve fund, if necessary, with respect to the Bonds; and (iv) certain expenses incurred in connection with the issuance of the Bonds, including any applicable credit enhancement costs for the Bonds.

The CMFA PACE Program Issues $4,879,181 in Property Assessed Clean Energy Bonds

Aug 29, 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 $4,879,181 in residential PACE bonds today.

CMFA Completed the issuance of $25,000,000 in Bonds for the Monterey Gateway Apartments

Aug 23, 2018

The Monterey Gateway Apartment project is the new construction of a 75-unit affordable multi-family apartment project. The project will be located on Monterey Rd, Gilroy, California. The project will be made up of 60 one-bedroom units and 15 two-bedroom units. Amenities will include a community room, laundry facilities, fitness center, picnic areas, pool/jacuzzi, community garden, meeting rooms, therapy rooms and central heat/cool. Rents will be restricted to senior households with incomes no greater than 50% through 60% of the area median income. This financing will create 74 units of affordable housing in the City of Gilroy for the next 55 years.

$77,710,000 in Low Cost, Tax-Exempt Financing Provided for California Lutheran University

Aug 16, 2018

The proceeds of the Bonds will be used to finance and refinance the acquisition, construction, improvement, renovation and equipping of the certain educational facilities of the Corporation, including related administrative facilities, site improvements, and parking, located on the Corporation’s main campus located at 60 West Olsen Road, Thousand Oaks, California 91360, including but not limited to construction of a new science building or, in the alternative, renovation, construction, improvement and equipping of educational facilities owned and operated by the Corporation, and development of educational facilities.

The bonds will also be used to refinance other outstanding bonds.

CMFA Financings Enable $33,000 in Contributions to California Nonprofits

Aug 10, 2018

The CMFA continues to give back to the communities in California by directing a portion of its issuance fees to charitable organizations. Two 501(c)(3) organizations received a total of $33,000 in contributions from the California Foundation for Stronger Communities with funds donated by the CMFA.

The 2 well-deserving organizations include:

Injured Marine Semper Fi Fund

Stanford Youth Solutions

The CMFA PACE Program Issues $4,504,966 in Property Assessed Clean Energy Bonds

Aug 8, 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 $4,504,966 in residential PACE bonds today.