The CMFA Issues Tax-Exempt Financing for Miraflores Senior Apartments
The CMFA issues $25,000,000 in tax-exempt bond proceeds for Eden Housing. The proceeds will be used to finance the Miraflores Senior Apartments, a new construction project that will consist of 80 units of affordable senior housing. Fifty percent of the units will be built out to meet ADA accessibility needs. The project is fully affordable and all units will all be restricted to households making 30%, 45% and 50% of Area Median Income. Miraflores will offer amenities such as a community room, computer lab, exercise room, laundry facility and outdoor vegetable garden. The project is located at the corner of South 45th and Florida Street, Richmond, California. This financing will create 79 units of affordable senior housing in the City of Richmond for the next 55 years.