The CMFA Completes a $1,181,525,000 Financing for LAX Integrated Express Solutions, LLC

Jun 8, 2018

The CMFA issued $1,181,525,000 in one or more series of bonds, notes, certificates or other obligations for the design, acquisition, construction, reconstruction, development, expansion, improvement, equipping and/or modification of certain capital improvements relating to the 2.25 mile long automated people mover train system (the “Project”), running from a consolidated rental car facility to be constructed located near La Cienega Boulevard and the 405 Freeway and terminating at the Tom Bradley International Terminal at LAX in the City of Los Angeles, California, which will be owned and operated by the Department. The Project will include, among other things, approximately 2.25 miles of elevated guideway, passenger cars that will travel along the guideway transporting passengers to and from LAX, six passenger stations (three located inside the Central Terminal Area (“CTA”) at LAX and three located outside the CTA), pedestrian passenger walkway structures connecting the stations inside the CTA with the terminals at LAX, parking garage improvements, a maintenance and storage facility (to be located east of Airport Boulevard between Arbor Vitae and 96th Street), various utility and roadway improvements, and certain other improvements related to the Project.

The Pacific Companies Create Affordable Housing by Using 120,000,000 in Tax-Exempt Financing Issued by the CMFA

Jun 7, 2018

The CMFA issued $120,000,000 in tax-exempt financing for the Metro East Senior Apartments.

The Metro East Senior Apartments is a new construction project located in Santa Ana on a 3.17-acre site. The project will consist of 415 restricted rental units and 3 unrestricted manager units. The project will offer 96 studio units, 257 one-bedroom units and 65 two-bedroom units. The building will be a single five-story structure of wood frame design supported by a parking structure podium and concrete slab. Common amenities will include multiple courtyards, a roof deck, clubhouse, fitness gym, computer room, laundry facilities, elevators and security features. Each unit will provide a refrigerator, range/oven, dishwasher, garbage disposal, exhaust fans and covered patio or balcony. All units will be water and energy efficient and provide healthy indoor air quality. Construction is expected to begin June 2018 and to be completed December 2020. This development will provide the City of Santa Ana with 415 much needed units of affordable housing for the next 55 years.

The CMFA Issues $107,000,000 in Tax-Exempt Bonds for the Garden Brook Senior Apartments Project

Jun 7, 2018

The Garden Brook Senior Village Apartments is a new construction project located in Garden Grove on a 3.1-acre site. The project consists of 394 income restricted rental units and 3 unrestricted managers’ units. The project will have 123 studio units, 231 one-bedroom units and 46 two-bedroom units. The building will be eight (8) stories supported by perimeter foundations with concrete slab flooring on top of a podium parking. The building will be a one elevator serviced residential building. Common amenities include community gathering areas, community rooms and laundry facilities. Each unit will have a refrigerator, exhaust fans, range/oven, dishwasher and garbage disposal. The construction is expected to begin June 2018 and be completed in December 2020. The developments located in the City of Garden Grove and will proved the city 394 much needed units of affordable housing for the next 55 years.

CMFA Financings Enable $210,000 in Contributions to California Nonprofits

Apr 27, 2018

The CMFA continues to give back to the communities in California by directing a portion of its issuance fees to charitable organizations. Six 501(c)(3) organizations received $210,000 total in contributions from the California Foundation for Stronger Communities with funds donated by the CMFA.

The 10 well-deserving organizations include:

Coalition to Abolish Slavery and Trafficking

Daniel Hernandez Youth Foundation, Inc.

Journey Out

My Sisters House

Pilipino Workers Center

South Coast Seniors Inc.

South Yuba River Citizens League

Stand Up Placer, Inc.

The Miracle League of Orange County

Us for Warriors Foundation

Jamboree Housing Corporation to Construct 1296 Shotwell Apartments in the City of San Francisco through $30,000,000 Low-cost Financing Secured Through the CMFA

Apr 27, 2018

Median Income. The project will be on a site currently owned by the City and County of San Francisco, and will involve the developers leasing the land from the Mayor’s Office of Housing and Community Development. 1296 Shotwell Street will invigorate the end of Shotwell Street

This project meets critical needs in San Francisco, as all 94 units, except the manager’s unit, will be dedicated to seniors earning less than 50% of the Area Median Income. Additionally, 19 of these units will be allocated to formerly homeless seniors earning less than 30% of the Area Median Income. In addition, there will be on-site health workshops and off-site group services for patients with mild-moderate level need, particularly for chronic care. The services team will also refer residents to off-site programs, such as Mission Neighborhood Centers, Inc. for health and social services. This financing will provide 93 units of affordable housing in the City of San Francisco for the next 55 years.

The CMFA Assists MRK Partners on an $47,000,000 Tax-Exempt Bond Financing

Apr 27, 2018

The proceeds of the Bonds will be used for the acquisition and rehabilitation of the Monterey Pines Apartments. The project is a 324-unit multifamily residential rental facility, located at 680 South 37th Street, Richmond, CA. The project consists of 26 two-story buildings. Due to the age and condition of the project, it is in need of substantial rehabilitation. Amenities include a swimming pool, fitness center, clubhouse, laundry facility and gated access. This financing will preserve a much needed 321 units of affordable housing for the City of Richmond for another 55 years.

The CMFA PACE Program Issues $3,978,971 in Property Assessed Clean Energy Bonds

Apr 9, 2018

PACE (Property Assessed Clean Energy) is an innovative program that provides residential and commercial property owners with low-cost, long-term financing for water conservation, energy efficiency, and renewable energy improvements. All while helping local governments meet their water and energy conservation objectives.

The CMFA issued another $3,978,971 in residential PACE bonds today.

CMFA Financings Enable $70,000 in Contributions to California Nonprofits

Apr 6, 2018

The CMFA continues to give back to the communities in California by directing a portion of its issuance fees to charitable organizations. Six 501(c)(3) organizations received $70,000 total in contributions from the California Foundation for Stronger Communities with funds donated by the CMFA.

The 10 well-deserving organizations include:

LIL ANGEL BUNNY FOUNDATION INC. dba ELEVATE HOPE

Selma Arts Foundation

Shafter Symphony Orchestra

Veterans Association of North County

WHW (Women Helping Women/ Men 2 Work)

The CMFA issues $16,000,000 in Tax-Exempt Financing for the Cornerstone Place Apartments Project to assist El Cajon’s Low-Income Residents

Mar 29, 2018

The Cornerstone Place Apartments is the new construction of 70-unit affordable multifamily apartment project located near downtown El Cajon, CA. The project will target families and veterans. The project will consist of a 4-story building with one- and three-bedroom units and structured parking. Unit amenities will include energy efficient appliances and a balcony or patio. Apart from the manager’s unit, all the units will be income restricted to households earning between 50% and 60% of AMI. Amenities will include on-site property management, an outdoor courtyard, community room, elevator, laundry facilities and lounges on each floor. The project is located near public transit and within walking distance of local resources. The financing of this project will result in the creation of affordable housing for 69 low income households in the City of El Cajon for the next 55 years

CMFA Completed the issuance of $12,800,000 in Bonds for Paseo Del Oro 2 Apartments

Mar 27, 2018

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.

Next Page »