The CMFA Provides $16,660,000 in Low Cost Tax-Exempt Financing to Satellite Affordable Housing Associates

Jun 1, 2017

The proceeds of the Bonds will be used by SAHA for the construction of, The Valley View Senior Housing Apartments, a 70-unit affordable multi-family housing development consisting of both apartments and cottage-style units. The project will be affordable to low and very low-income seniors aged 55+. Residents will enjoy a beautifully landscaped community that incorporates the highest standards of green building and sustainable design as well as a robust selection of on-site services and activities to support wellness, independent living, and aging-in-place. The proposed development includes 58 one-bedroom, one-story cottages arranged into three clusters. The site plan also features a two-story building of stacked flats that includes 8 one-bedroom units and 4 two-bedroom units. This financing will create 69 units of affordable housing for the senior households in the City of American Canyon for another 55 years.

The CMFA Issues $34,355,000 in Tax-Exempt Bonds for the Institute on Aging

May 31, 2017

The proceeds of the Bonds will be used to: (i) refinance all or a portion of certain outstanding debt obligations that originally financed and refinanced the acquisition, construction, equipping and furnishing of facilities, including a clinic, meeting and office space and a parking garage, owned and operated by the Borrower, in connection with the provision of health care and other support services for low-income, frail older adults, and (ii) pay certain expenses incurred in connection with the issuance of the Bonds.

The CMFA Completes a $39,960,000 Financing for the South Fulton Village Apartments

May 31, 2017

The South Fulton Village Apartments project is an acquisition/rehabilitation of an existing 280-unit senior housing project that houses seniors 55 years and older. The project will include substantial rehabilitation of each unit as well as rehabilitation to the community room and shared facilities. The rehabilitation aims to increase energy and water efficiency and will include a 20-year renewal of the HAP contract. Rents will be restricted to senior households with incomes no greater than 50% of the area median income. This project is located at 10829 Fulton Wes Avenue, Santa Fe Springs, California.

The City of Oakland to Benefit from Tax-Exempt Financing with the CMFA

May 26, 2017

Providence Health & Services requested that the CMFA issue $7,440,000 in tax-exempt bonds for the construction of the Providence House Oakland Apartments. The Providence House Oakland Apartments is an existing 41-unit affordable multi-family housing development project located at 540 23rd Street, Oakland, CA  94612. The project’s 40 units of affordable housing serve individuals with a diagnosed mental or physical disability. There are additional preferences for housing individuals with HIV/AIDS and homeless households. All units are restricted to households making 50% & 60% of AMI or less. Rehabilitation will include energy efficiency upgrades, select interior and exterior repairs and replacements, front entry area will be reconfigured, additional security cameras and common areas will be reconfigured. This financing will preserve 40 units of affordable housing for the City of Oakland for 55 years.

CMFA Financings Enable $80,000 in Contributions to California Nonprofits

May 19, 2017

The CMFA continues to give back to the communities in California by directing a portion of its issuance fees to charitable organizations. Nine 501(c)(3) organizations received $80,000 total in contributions from the California Foundation for Stronger Communities with funds donated by the CMFA.

The five well-deserving organizations include:

Alternative Family Services.

Court Appointed Special Advocates of Contra Costa County.

Little League Baseball, Inc. Restricted to Desert Hot Springs.

Mychal’s Learning Place.

Open Line Group Home.

 

The CMFA Works with Peoples Self Help Housing Corporation to Finance Affordable Housing with Tax-Exempt Financing

May 16, 2017

The CMFA issued $5,491,713 in tax-exempt bonds for Peoples Self Help Housing Corporation to finance the acquisition and rehabilitation of Valentine Court Apartments.

The Valentine Court Apartments is an Acquisition/Rehabilitation of an existing 35-unit apartment property for multifamily renters. The project involves the refinance of an existing HUD 202 project with 4% Low Income Housing Tax Credits and tax-exempt bonds. The rehabilitation will include photovoltaic and solar hot water installation, accessibility and security system upgrades, and unit and community space renovations. The project will be made up of studio and one bedroom apartments for families making 50% or less of Area Median Income. The project is located at 280 E. Newlove, City of Santa Maria, County of Santa Barbara, CA. The rehabilitation will ensure long-term financial sustainability and extend the useful life of the building, and will also extend the HUD use agreement and ensure long-term affordability for residents. The financing of this project will result in retaining 34 affordable apartments for the next 55 years.

CMFA Financings Enable $30,000 in Contributions to California Nonprofits

Apr 28, 2017

The CMFA continues to give back to the communities in California by directing a portion of its issuance fees to charitable organizations. Nine 501(c)(3) organizations received $30,000 total in contributions from the California Foundation for Stronger Communities with funds donated by the CMFA.

The three well-deserving organizations include:

Fresno Bridge Academy Reading and Beyond

Little League Baseball, Inc.

Tapestry Family Services, Inc.

 

 

The CMFA Issues $126,680,000 in Tax-Exempt Financing for La Verne University

Apr 20, 2017

The University of La Verne (the “University”) is an independent, nonsectarian institution of higher education founded in 1891 as Lordsburg College by members of the Church of the Brethren. Renamed La Verne College in 1917, it was reorganized as the University of La Verne in 1977.

The CMFA issued $203,800,000 in tax-exempt bonds for the University and the proceeds of the Bonds will be used to finance the acquisition, construction, installation, improvement, renovation, rehabilitation, furnishing, and equipping of certain educational facilities owned and operated and to be owned and operated by the University of La Verne, refund the outstanding California Municipal Finance Authority Refunding Revenue Bonds (University of La Verne) Series 2015 (the “2015 Bonds”), the outstanding California Municipal Finance Authority Revenue Bonds (University of La Verne) Series 2010A (the “2010A Bonds”), and the outstanding California Municipal Finance Authority 2013 Tax-Exempt Loan (University of La Verne) Series 2013 (the “2013 Loan”).

Channing House Secures Tax-Exempt Debt Through the CMFA

Apr 19, 2017

The CMFA issued $54,045,000 in tax-exempt bond proceeds to Channing House to be used for refunding all or a portion of the outstanding ABAG Finance Authority for Nonprofit Corporations Insured Revenue Bonds (Channing House), Series 2010 and to finance the acquisition, construction, equipping and furnishing of improvements at the Borrower’s continuing care retirement community located at and in the vicinity of 850 Webster Street, Palo Alto, California 94301 in an amount not to exceed $50,000,000 (collectively, the “Project”).  The Project will be owned and operated by Channing House.

Biola University Selects the CMFA as Issuer of a $74,400,000 Bond Financing

Apr 18, 2017

Founded in 1908, Biola University is a California non-profit religious corporation, organized and existing under the laws of the State of California. The University, containing eight schools, offers four baccalaureate degrees in 40 majors, 20 masters and eight doctoral degrees and its commitment to academic excellence is firmly rooted in its adherence to an in-depth, knowledgeable and living Christianity.

The CMFA issued $74,000,000 for Biola University. Proceeds from the bonds will be used to refund the California Municipal Finance Authority Refunding Revenue Bonds Series 2008A, which bonds refunded the California Statewide Communities Authority 2002 Variable Rate Demand Revenue Bonds Series A and Series B and refunded the Biola University Taxable Variable Rate Demand Revenue Bonds Series 2004 A and Series 2004 B.

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