Archive for October, 2018

CMFA Financings Enable $30,000 in Contributions to California Nonprofits

Oct 26, 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 $30,000 in contributions from the California Foundation for Stronger Communities with funds donated by the CMFA.

The 2 well-deserving organizations include:

Peaceplayers International

San Jose Firefighters Burn Foundation Inc.

The CMFA PACE Program Issues $11,654,096 in Property Assessed Clean Energy Bonds

Oct 23, 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 $11,654,096 in residential PACE bonds today.

CORE Butte Finances Charter School Project with Tax-Exempt Bonds

Oct 18, 2018

The CMFA issued $6,705,000 in tax-exempt bonds for the CORE Butte Charter School. The proceeds of the Series 2018 Bonds to the “Borrower”, a California nonprofit public benefit corporation, pursuant to the terms of a Loan Agreement, by and between the Authority and the Borrower, will be used for the purposes of (i) financing or refinancing the costs of the acquisition, construction, renovation, improvement and equipping of approximately 43,495 square feet of land and charter school facilities to be constructed thereon located at 2801 Notre Dame Boulevard, Chico, California 95928 (the “Series 2018 Facilities”); (ii) reimbursing the Borrower for the costs incurred in connection with the Series 2018 Facilities; (iii) funding a debt service reserve fund; (iv) paying capitalized interest, if any, on the Series 2018 Bonds; and (v) paying certain issuance expenses (collectively, the “Series 2018 Project”).

CMFA Financings Enable $165,000 in Contributions to California Nonprofits

Oct 5, 2018

The CMFA continues to give back to the communities in California by directing a portion of its issuance fees to charitable organizations. Nine 501(c)(3) organizations received a total of $165,000 in contributions from the California Foundation for Stronger Communities with funds donated by the CMFA.

The 9 well-deserving organizations include:

Oscar De La Hoya Foundation

California Veterans Assistance Foundation, Inc.

Manteca CAPS Corporation Aka Valley CAPS

Contra Costa Kops For Kids

Futures Explored, Inc.

Second Harvest Food Bank of San Joaquin and Stanislaus Counties.

Southwestern Law School, restricted to the Alumni Association’s Domestic Violence Advocacy Initiative (DVAI)

Elevate Your G.A.M.E.

Long Beach Museum of Art

The CMFA Completes a $37,265,000 Financing for The Palmdale Aerospace Academy

Oct 4, 2018

The proceeds of the Bonds will be used to finance and/or refinance: (1) the acquisition of land located west of and adjacent to the Borrower’s current campus at 3300 East Palmdale Boulevard in Palmdale, California and land located on the southeast corner of Palmdale Boulevard and 35th Street East in Palmdale, California, and the improvement, construction and equipping of educational facilities thereon (collectively, the “Facilities”); (2) capitalized interest with respect to the Bonds; (3) a reserve fund with respect to the Bonds; and (4) certain expenses incurred in connection with the issuance of the Bonds.

The Pacific Companies Create Affordable Housing by Using Tax-Exempt Financing Issued by the CMFA

Oct 4, 2018

The CMFA issued $98,000,000 in tax-exempt financing for the Oakland International Station Apartments. Oakland International Station Apartments is a new construction project located in the City of Oakland on a 2.89-acre site. The project is the first phase of a proposed two-phase development that will eventually include a total of 484 units. The proposed project consists of 321 restricted rental units and three unrestricted manager units. The project will have 261 one-bedroom units and 63 two-bedroom units. The project will consist of one six-story elevator-serviced residential building. The type of construction will be a five-story modular constructed residential structure supported by a ground level podium concrete slab parking structure. Common amenities include a courtyard, laundry room and areas for reading, fitness and lounging. The construction is expected to begin September 2018 and be completed in August 2020. This project will provide the City of Oakland with 321 much needed units of affordable housing for the next 55 years.

The CMFA Issues $50,621,298 in Tax-Exempt Bonds for the Charles Apartments & Cypress Gardens Apartments Project

Oct 3, 2018

The project will consist of the acquisition/rehabilitation of an existing 201-unit scattered site project. The project will be composed of the 105-unit Charles Apartments located at 3109 Seacrest Avenue, Marina, California and the 96-unit Cypress Gardens located at 3135 Seacrest Avenue, Marina, California. The two projects will be combined into one scattered-site bond and tax credit project. The planned renovations will improve the aesthetics and sustainability of the property by addressing all urgent building issues, completing comprehensive interior and exterior renovations and creating a more sustainable property. Improvements will also be made to ensure tenant safety and

DFA Development LLC teams up with the CMFA on Acquisition Rehabilitation of an Affordable Apartment Project in Manteca, CA

Oct 1, 2018

The Cottage Village Senior Apartments is a new construction project that will create 47-units of multifamily senior affordable housing with one manager unit. All units will be restricted to households earning 60% or less of AMI. The project will enable local seniors to continue to reside in the City of Manteca in a comfortable community. The form and density of the upcoming project will fit nicely into the existing community. With a relatively level site, the majority of the units will be ground level to better accommodate the seniors that will reside there. There will be energy efficient windows, energy efficient heating and cooling systems. Common areas, laundry rooms, library, exercise room and a gate and security systems. Amenities include a community room with full kitchen, exercise room, TV room, billiards room, computer room, library, ADA bathrooms, barbeque picnic areas and onsite management team. The financing of this project will result in the creation of affordable housing for 47 low-income senior households in the City of Manteca for the next 55 years.