The CMFA Works with National Community Renaissance to Finance Affordable Housing with Tax-Exempt Financing of $27,550,000
The CMFA issued $27,550,000 in tax-exempt bonds to finance the acquisition and rehabilitation of Sierra Vista Apartments.
The Sierra Vista Apartments project is the acquisition/rehabilitation of a multi-family housing development located at 422 Los Vallecitos Blvd., San Marcos, California. This existing affordable housing complex consists of 190 restricted units and 2 manager’s units. Targeted residents will have a household income between 50% and 60% of AMI. Building exterior renovations include new windows and sliding doors, deck protective coating, subfloor and dry rot repairs, new roof and fresh paint. Interior renovations include improvements to the leasing office, community room and laundry facility, as well as replacement of boilers, storage tanks and recirculation pumps. Individual apartment units will be updated with new kitchen appliances, kitchen and bathroom countertops, plumbing fixtures, light fixtures, ceiling fans, flooring, window blinds, drywall repair, fresh paint, electrical upgrades and ADA improvements. Common area renovations include improvements to signage, carport roofs, drainage, landscaping, fences, gates, sidewalks, the playground and ADA accessibility. The financing of this project will result in preserving affordable housing for 190 households in the City of San Marcos for an additional 55 years.