CMFA Completed the issuance of $12,800,000 in Bonds for Paseo Del Oro 2 Apartments
The Paseo Del Oro 2 Apartments project is the acquisition/rehabilitation of a multi-family housing development located at 432 W. Mission Road, San Marcos, CA. The existing affordable housing complex consists of 102 restricted units, 17 market rate units and 1 unrestricted manager unit. The complex consists of one, two, three and four-bedroom units. Targeted residents will have a household income between 30% and 50% of AMI. The renovations will include building exterior upgrades. Building exterior renovations will consist of roof replacement, window replacement; repainting the buildings and replacing and upgrading building systems. Individual apartment units will be updated with replacing countertops, cabinetry, flooring, windows, installing new refrigerators, ranges, range hoods, and dishwashers. Common area renovations will consist of playground improvements, site fencing, addressing parking lot deferred maintenance and ADA updates. This financing will retain 102 units of affordable housing in the City of San Marcos for the next 55 years.