Low Cost, Tax-Exempt Financing Provided for the Park Place Apartments
The CMFA issued $25,691,304 in tax-exempt bond financing. The proceeds of the Bonds will be used for the acquisition and rehabilitation of the Park Place Apartments.
The Park Place Apartments is a 112-unit affordable multifamily housing project. The property was built in 1971 and is suffering from deferred maintenance due to its age. The property is located within a residential area with shipping and transportation close by. Among the improvements to the property will be significant upgrades to the accessibility features in and outside the building. Sustainable and “green” materials will be incorporated into the rehab scope providing beneficial cost savings to the property’s operating costs and a reduction in environmental pollution. This financing will help preserve high quality affordable housing for 112 family households in the City of Morgan Hill for another 55 years.