Archive for September, 2018

The CMFA Completed the issuance of $29,498,000 in Bonds for One Church Street Apartments

Sep 21, 2018

The One Church Street Apartments project is an acquisition/rehabilitation of a 93-unit multi-family affordable housing project that was completed in 2002 by BRIDGE Housing for residents earning between 50% and 60% of area median income. The property is centrally located in San Francisco in the amenity-rich Duboce Triangle neighborhood. The project site is approximately 1.3 acres and occupies an entire city block bounded by Hermann Street to the north, Church Street to the west, Webster Street to the east, and Duboce Avenue to the south. The project consists of two buildings of 4-5 stories of wood frame connected by a landscaped courtyard built atop a concrete podium garage containing 94 parking spaces. The exterior walls are comprised of painted stucco. Residents enjoy several amenities in the building in addition to the landscaped courtyard, including a community room and laundry rooms on each floor. The building includes one-, two, and three-bedroom units and is serviced by two elevators. This financing will create 92 units of affordable housing for the City of San Francisco for 55 years.

CMFA Financings Enable $20,000 in Contributions to California Nonprofits

Sep 14, 2018

The CMFA continues to give back to the communities in California by directing a portion of its issuance fees to charitable organizations. Project R.I.D.E. received a total of $20,000 in contributions from the California Foundation for Stronger Communities with funds donated by the CMFA.

 

The CMFA PACE Program Issues $4,875,998 in Property Assessed Clean Energy Bonds

Sep 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 $4,875,998 in residential PACE bonds today.

The CMFA Works with Insite Development to Finance Affordable Housing with Tax-Exempt Financing of $9,300,000

Sep 5, 2018

The Kensington Campus Apartments project is the new construction of a 51-unit affordable multi-family housing development for the chronically homeless. The project is to be located on land that is currently vacant, located at the corner of Avenue I and 32nd Street in Lancaster, California. The development will consist of 51 one-bedroom units. Rents will be restricted to households making less than 30% of AMI. The units will range in size from 500 to 965 square feet and will consist entirely of 1-bedroom units. The project will be located close to public transportation, retail marketplaces and public schools. The financing of this project will result in the creation 50 affordable apartments in the City of Lancaster for the next 55 years.