The CMFA Completes the Issuance of $33,091,000 in Bonds for Parkside Villa & Rockwell Manor Apartments

May 21, 2019

Parkside Villa Apartments & Rockwell Manor Apartments is an existing scattered-site project located in the City of Fairfield on two parcels with a combined area of 7.27 acres. The project consists of 116 restricted rental units, 10 market rate units and 2 unrestricted manager units distributed as 88 two-bedroom units and 40 three-bedroom units. Building exterior renovations will include new roof, window and sliding door replacement, new entry doors and hardware, and fresh paint. Interior renovations will include upgrades to the laundry facilities, leasing office and fitness/business center. Individual units will be updated with new heating/AC units, new water heaters, electrical upgrades, new flooring and window coverings, new kitchen appliances, new kitchen and bathroom cabinets, countertops, plumbing fixtures, and fresh paint. Site area renovations will include new fencing and lighting, sidewalk repairs, asphalt sealing and re-striping, and improvements to the landscaping and signage. The rehabilitation is expected to begin in April 2019 and be completed in December 2019. The financing of this project will result in preserving affordable housing for 116 low-income households in the City of Fairfield for another 55 years.

Wakeland Housing & Development Corp. Creates Affordable Housing by Using Tax-Exempt Financing Issued by the CMFA

May 21, 2019

The CMFA issued $3,690,000 in tax-exempt financing for the Vista Las Flores Apartments. The proceeds will be used to acquire/rehabilitate a 28-unit affordable housing project located at 6408 Halyard Place, Carlsbad, CA. The Project needs renovation to address certain unit, building and common area concerns. The units will be restricted to households earning 50% and 60% or less of area median income (AMI). Amenities include community room, computer lab, laundry room, courtyard/picnic area and playground. Services include after school programs, adult education classes and reading literacy skill building programs for youth and adults. This financing will preserve 27 units of affordable housing for the City of Carlsbad for another 55 years.

The CMFA PACE Program Issues $3,851,702 in Property Assessed Clean Energy Bonds

May 17, 2019

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 $3,851,702 in residential PACE bonds today.

The CMFA Issues $19,585,000 in Low Cost, Tax-Exempt Financing for San Benito School District

May 14, 2019

The CMFA issued $19,585,000 in tax-exempt bonds for the San Benito School District. The proceeds of the bonds will be used to complete the Science and Robotics Building. Additionally, the financing will provide funding to complete ADA compliance on its Main Campus, to demolish and infill old swimming pools, and to complete the Ag to ASB conversion. The total project cost of $18.5 million will be funded through the issuance of Lease Revenue Notes.

CMFA Completes the Issuance of $12,000,000 in a Tax-Exempt Loan for Woodside Priory School

May 6, 2019

The proceeds of the tax-exempt loan will be used for (1) paying, or reimbursing money advanced to pay, certain costs of acquiring, constructing, renovating, improving, equipping and installing certain educational facilities, including related support and administrative facilities and site improvements, located on or adjacent to the School’s main campus at 302 Portola Road, Portola Valley, California, 94028, including certain new faculty housing facilities and expansion of and improvements to campus dining facilities and all related fixtures, furnishings and equipment located or to be located within the County of San Mateo, California; and (2) paying the costs of issuance and certain interest with respect to the Loan.

CMFA Issues Tax-Exempt Financing for Las Ventanas Apartments

Apr 22, 2019

The CMFA issued $33,118,719 for Las Ventanas Apartments. Las Ventanas Apartments is a new construction project located in the City of Long Beach on a 1.01-acre site. The project will consist of 78 restricted rental units, 1 unrestricted manager unit and 23 units at 80% AMI. The unit mix includes 1 studio unit, 49 one-bedroom units, 25 two-bedroom units and 27 three-bedroom units. The single building will consist of four residential stories over ground floor retail space and one level of semi-subterranean parking. Common amenities include a community room with computer lab, laundry facilities, management offices and open courtyard with barbeque area. Each unit will feature a kitchen equipped with refrigerator, range/oven, dishwasher and garbage disposal. Sixty-nine residential parking spaces, nine retail parking spaces and five motorcycle parking spaces will be provided in addition to secured bicycle parking spaces. The project will pursue LEED certification. The financing of this project will result in the creation of affordable housing for 78 low-income households in the City of Long Beach for the next 55 years.

The CMFA PACE Program Issues $4,536,073 in Property Assessed Clean Energy Bonds

Apr 19, 2019

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 $4,536,073 in residential PACE bonds today.

The CMFA Works with MRK Partners to Finance Affordable Housing with Tax-Exempt Financing of $16,070,000

Apr 15, 2019

Federation Tower Apartments is an existing project located in Long Beach on a .93-acre site. The project consists of 49 restricted rental units, and one unrestricted manager’s unit. The project has 38 one-bedroom units, and 12 studio units. The renovations will include building exterior and interior upgrades. Building exterior renovations will consist of asphalt and pavement repair, paint, sealing the exterior to ensure waterproofing, landscaping and new signage. Interior renovations will include an update to the community room. The common kitchen will be modernized. The computer room will also receive upgrades. Individual apartment units will be updated with new appliances such as new refrigerator/freezers and ranges as well as new microwaves, cabinets, countertops, flooring and paint. Lastly, common or site area renovations will consist of energy efficiency upgrades including HVAC, lighting and plumbing. The furniture, fixtures and equipment will be modernized and upgraded. The rehabilitation is expected to begin in February 2019 and be completed in December 2019. The financing of this project will result in preserving affordable housing for 49 low-income households in the City of Long Beach for another 55 years.

MidPen Selects the CMFA as Issuer of a $52,502,214 Bond Financing

Apr 12, 2019

The CMFA issued $52,502,214 in tax-exempt bonds for Arroyo Green Apartments. Arroyo Green Apartments is a new construction project located in Redwood City on a 1.36-acre site. The project consists of 116 restricted rental units and 1 unrestricted manager unit. The project will have 29 Studio units, 83 one-bedroom units and 5 two-bedroom units. The building will be 7 stories with the first two floors for parking. Common amenities include a community room, two laundry facilities, management offices, fitness room, game room, library/reading room, computer lab and secured bike room. Ten percent (twelve) of the units will be built out as fully accessible as prescribed by ADA. Bathrooms will have appropriate maneuvering space for a wheel chair, fully backed grab bars, and removable base cabinets at the vanities. Accessible kitchens will be designed to accommodate mobility impairments and include features such as easily accessible shelves, counters, appliances, and electrical switches. Four percent (five) of the units will be designed for hearing/visually impaired residents. Other sustainable and green building elements will include landscaping comprising of drought-tolerant and non-invasive plantings. Construction is expected to begin April 2019 and be completed in December 2020. This financing will create 116 units of affordable housing for the City of Redwood City for the next 55 years.

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