Archive for January, 2019

The CMFA PACE Program Issues $5,073,630 in Property Assessed Clean Energy Bonds

Jan 24, 2019

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 $5,073,630 in residential PACE bonds today.

CMFA Completed the issuance of $14,700,000 in Bonds for the Woodland Hills Assisted Living

Jan 16, 2019

Welbrook Woodland Hills (“Project”) is the new construction of a purpose-built Class “A” high-acuity assisted living and memory care facility located in the neighborhood of Woodland Hills, City of Los Angeles, California. The Project will feature a state-of-the-art one-story 33,500 square foot building with a total of 50 units and 60 beds situated on approximately 1.5 acres of land. The Project is fully approved by the City and will be licensed at completion under the California Department of Social Services as a high acuity assisted living and memory care facility for health and age qualified senior residents. Services offered at the facility will include; medication supervision, bathing assistance, dressing and personal grooming assistance, escort to meals and activities, ambulation assistance, incontinence management, three daily chef prepared meals, small group activities, salon, housekeeping and 24-hour security. This financing will create 10 new affordable and 40 market rate senior living units in the City of Los Angeles for 30 years.

The CMFA Works with Standard Property Company to Finance Affordable Housing with Tax-Exempt Financing of $35,210,000

Jan 9, 2019

The CMFA issued $35,210,000 in tax-exempt financing for the Heritage Apartments project. Heritage Apartments is an existing project located in Chula Vista on a 6.6-acre site. The project consists of 268 restricted rental units and 3 unrestricted manager units distributed as 90 one-bedroom units, 115 two-bedroom units, 54 three-bedroom units and 12 four-bedroom units. Building exterior renovations include a new roof, waterproofing of elevated walkways and landings and fresh paint. Interior renovations include elevator modernization and upgrades to the community room, laundry facilities, management offices and common area corridors. Individual units will be updated with new kitchen appliances, cabinets, countertops, flooring, A/C units, water heaters, fresh paint, with upgrades to the plumbing and electrical systems. Site area renovations include resurfacing of the on-site children’s playground and new signage. The rehabilitation is expected to begin in January 2019 and be completed in December 2019. The financing of this project will result in preserving affordable housing for 268 low-income households in the City of Chula Vista for another 55 years.