The CMFA Works with Community Housing Development Corporation of North Richmond to Finance Affordable Housing with Tax-Exempt Financing of $16,000,000
The CMFA issued $16,000,000 in tax-exempt bonds for North Richmond to Finance Affordable Housing to finance the acquisition and rehabilitation of the Barrett Plaza Townhomes.
The Barrett Plaza Townhomes is an acquisition rehabilitation of a 58-unit, affordable multi-family housing development consisting of two and three-story townhomes. The project was developed in 1975 and needs significant rehabilitation. The project has 46 three bedroom units, 11 four bedroom units, and one manager’s unit. It consists of 14 two-story buildings, containing between three and six units each. Parking is provided in uncovered surface lots that are fenced and equipped with power operated gates. The physical needs assessment concluded that multiple items need to be replaced such as furnaces, exhaust fans, water heaters, stucco patio walls and retrofitted windows. Full rehabilitation of the interior of 49 units including new flooring, bathroom fixtures, bathroom and kitchen cabinets, etc. New landscaping for grounds is also needed. The project is located at 510 Barrett Avenue, Richmond, California. This financing will continue to preserve 57 units of affordable housing in the City of Richmond for the next 55 years.