The CMFA Gives More Than $10,000,000 To California Charities

Oct 30, 2017

For each issuance that the CMFA participates in, a grant equal to 25% of the issuance fee is made to the California Foundation for Stronger Communities (“CFSC”) to fund charities designated by the member communities. A portion of the annual fees received by the CMFA is also be directed to charitable activities within California communities. This unique commitment to “give back” directly to the communities in which we operate sets the CMFA apart.

At our October 2017 board meeting, the CMFA reached $10,000,000 in charitable grants that have been donated to non-profit organizations throughout California.

List of Charitable Allocations

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.

Low Cost, Tax-Exempt Financing Provided for Tuolumne County

Mar 22, 2018

The Bonds are being issued to provide funds to finance various public capital improvements and projects described below.

$18.7 Million (est. cost) for the Law & Justice Center.

This will pay for final improvements to the Mother Lode Regional Juvenile Facility, development of the Law & Justice Center road and utility infrastructure, and pay for the County’s match to construct the new County Jail. The useful life of the new jail is expected to be at least 40 years.

$3.11 Million (est. cost) for two Technology Projects.

This will pay for the purchase and installation of a replacement Enterprise Resource Planning system (Finance, Human Resources, and Budget) and to replace/upgrade the County’s computer network. The useful life of this technology is expected to be at least 10 years.

The proceeds of the Bonds will be used to finance these capital projects, fund costs of issuance and depending on market conditions, fund a reserve fund (including the costs of any municipal bond insurance policy and/or reserve fund surety policy).

The financing is being structured as a lease financing. In simplistic terms, the County is expected to lease four of its buildings for up to 31 years. The buildings include County Administration, the Albert N. Francisco Building, the Historic Yaney Courthouse, and the Sonora Library (although the County Administrator or such other officer or officers of the County designated for this purpose may designate additional or alternative sites to lease). During this time period, the County continues to have full use of the buildings for normal County business because the County will leaseback the buildings. The County will be obligated to pay rent under the lease in an amount equal to debt service on the Bonds, subject to the County having beneficial use and occupancy of the leased premises. The County will also be obligated to pay additional rent in an amount equal to the ongoing expenses related to the Bonds.   Following the bond payback, the buildings revert to the County.

The CMFA Works with National Community Renaissance to Finance Affordable Housing with Tax-Exempt Financing of $27,550,000

Mar 22, 2018

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.

The CMFA PACE Program Issues $4,417,874 in Property Assessed Clean Energy Bonds

Mar 13, 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 $4,417,874 in residential PACE bonds today.

The CMFA PACE Program Issues $3,302,256 in Property Assessed Clean Energy Bonds

Feb 27, 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 $3,302,256 in residential PACE bonds today.

CMFA Financings Enable $115,000 in Contributions to California Nonprofits

Feb 23, 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 $115,000 total in contributions from the California Foundation for Stronger Communities with funds donated by the CMFA.

The 6 well-deserving organizations include:

A Step Beyond

Casa Teresa, Inc.

Golden State Family Services, Inc.

Grandma’s House of Hope

Hope for Youth, Inc.

Support our Students

The CMFA recently completed a $16,225,000 financing for the River Charter Schools

Feb 22, 2018

The proceeds of the Bonds will be used for a plan of finance consisting of financing and/or refinancing the acquisition, construction, renovation and/or equipping of educational facilities located at 36230 N. School St., Clarksburg, California 95612 and at 841 Bryte Avenue, West Sacramento, California, each located within the geographical boundaries of the County and refinancing existing debt secured by the facility at 36230 N. School St., Clarksburg, California 95612.

The CMFA PACE Program Issues $3,645,827 in Property Assessed Clean Energy Bonds

Feb 13, 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 $3,645,827 in residential PACE bonds today.

CMFA Issues Financing for Piper Court Apartments

Jan 29, 2018

CMFA recently issued $12,967,000 in tax-exempt financing for Piper Court Apartments. Piper Court Apartments is an existing project located in Fairfax on a 2.68-acre site. The project consists of 26 restricted rental units and 1 unrestricted manager unit. The project provides 18 two-bedroom units and 9 three-bedroom units distributed among 9 two-story buildings. Building exterior renovations will consist of new roofs, siding, insulation, balconies and railings, exterior doors and frames, windows, structural footings, and stairs and landings. Individual apartment units will be updated with new kitchen appliances, sinks, tubs/showers, toilets, countertops, cabinets, doors and trim, flooring, window coverings, smoke/CO detectors, electrical upgrades, gas wall furnaces, exhaust fans, water heaters, plumbing lines and fresh paint. One unit will be remodeled to provide full ADA accessibility. Common or site area renovations will consist of replacement of retaining walls and pool fencing, repair of driveways and sidewalks, and addition of new walkways around buildings. The rehabilitation is expected to begin in December 2017 and to be completed in November 2018.

The CMFA PACE Program Issues $2,882,079 in Property Assessed Clean Energy Bonds

Jan 26, 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 $2,882,079 in residential PACE bonds today.

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