NOTICE OF PUBLIC HEARING

Nov 28, 2017

NOTICE OF PUBLIC HEARING

 

NOTICE IS HEREBY GIVEN that on Thursday, December 12, 2017, a public hearing as required by Section 147(f) of the Internal Revenue Code of 1986 will be held with respect to a proposed plan of financing providing for the issuance by the California Municipal Finance Authority (the “Authority”) of its revenue bonds in one or more series issued from time to time, including bonds issued to refund such revenue bonds in one or more series from time to time, in an amount not to exceed $55,000,000 (the “Bonds”). The proceeds of the Bonds will be used to: (1) finance or refinance the acquisition, rehabilitation, improvement and equipping of Claremont Village, a 150-unit multifamily rental housing project located at 965 West Arrow Highway, Claremont, California; and (2) pay certain expenses incurred in connection with the issuance of the Bonds. The facilities are to be owned by Claremont Village Venture LP (the “Borrower”) or a partnership created by MRK Partners (the “Developer”), consisting at least of the Developer or a related person to the Developer and one or more limited partners and operated by Apartment Management Consultants LLC.

The Bonds and the obligation to pay principal of and interest thereon and any redemption premium with respect thereto do not constitute indebtedness or an obligation of the Authority, the State of California or any political subdivision thereof, within the meaning of any constitutional or statutory debt limitation, or a charge against the general credit or taxing powers of any of them. The Bonds shall be a limited obligation of the Authority, payable solely from certain revenues duly pledged therefor and generally representing amounts paid by the Borrower.

The hearing will commence at 6:30 p.m. or as soon thereafter as the matter can be heard, and will be held in the City Council Chambers, 225 West Second Street, Claremont, California. Interested persons wishing to express their views on the issuance of the Bonds or on the nature and location of the facilities proposed to be financed or refinanced may attend the public hearing or, prior to the time of the hearing, submit written comments.

Additional information concerning the above matter may be obtained from, and written comments should be addressed to, City Clerk, City of Claremont, 207 Harvard Avenue, Claremont, California 91711.

 

Dated: November 28, 2017

 

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 Issues Tax-Exempt Financing for SDG Housing Partners

Dec 13, 2017

The CMFA issued $44,300,000 to help finance the La Villa Puente Apartments project.  La Villa Puente Apartments is an existing 121-unit multifamily affordable community originally built in 1972, located at 17351 Main Street, La Puente, CA. The project is made up of 9 two-story buildings. All units will be restricted to households earning 50% and 60% or less of AMI. Exterior building renovations will consist of window replacements, door replacements and a fresh coat of paint. Interior renovations will include leasing office and community room upgrades. Individual apartment units will be updated with a new appliance package, paint and electrical updates. Amenities include a community room with full kitchen, exercise room, TV room, billiards room, computer room, library, ADA bathrooms, barbeque picnic areas and onsite management team. The financing of this project will result in the preservation of affordable housing for 120 low-income households in the City of La Puente for the next 55 years.

 

The CMFA Issues $100,000,000 in Tax-Exempt Bonds for Waste Management, Inc.

Dec 13, 2017

The CMFA recently issued $100,000,000 in Tax Exempt financing for Waste Management, Inc.  The funds will be used for financing solid waste disposal and recycling facilities, as follows: (a) improvements to existing landfill facilities, including (i) construction of new disposal cells and liners within currently permitted acreage, (ii) installation of new liners for intermittent and final closure of completed sections of the landfill facilities, (iii) site improvements, (iv) acquisition of equipment to be used at the landfill facilities, and (v) acquisition of other equipment and assets (including, but not limited to, land) necessary to support the foregoing improvements and to place them into service and (b) an existing collection (hauling) and transfer station facility, including (i) construction of new buildings, (ii) acquisition of solid waste and recycling sorting and processing equipment, (iii) site improvements, and (iv) acquisition of other equipment and assets (including, but not limited to, land) necessary to support the foregoing improvements and place them into service.

 

The CMFA PACE Program issues $3,431,590 in Property Assessed Clean Energy Bonds

Dec 12, 2017

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 recently issued $3,431,590 in residential PACE bonds in December.

The CMFA Issues $13,000,000 in Tax-Exempt Bonds for the EE Cleveland Manor Project

Oct 23, 2017

The EE Cleveland Manor Apartments project is an acquisition/rehabilitation of a 54-unit affordable multi-family housing development for the elderly. The project is made up of 13 studio apartments, 40 one-bedroom and one 2-bedroom manager’s unit. EE Cleveland Manor is located at 2611 EC Reems Court, Oakland, California. The rehabilitation will include upgrading air conditioning and heating units, mechanical and electrical. Interior upgrades will include new kitchen and bathroom equipment, new cabinets, new kitchen surfaces, new flooring, paint and new window treatments. Exterior upgrades will include replacement of certain patio covers, widening of common area pathways, common area lighting, improvements to community areas, parking area improvements and paint. This financing will preserve 53 units of affordable housing for the City of Oakland for another 55 years.

CMFA Issues Financing for OPTIONS Family of Services

Oct 12, 2017

The CMFA recently issued $2,140,000 in tax-exempt financing for OPTIONS Family of Services. The proceeds of the Bonds will be used to provide for the refunding for outstanding Revenue Bonds, the proceeds of which were used to refinance debt incurred to finance improvements to the following facilities: (a) Allegro (9180 Barranca, Atascadero), (b) Atascadero ICF (8020 Coromor, Atascadero), (c) Morro Bay ICF (490 Bernardo, Morro Bay), (d) SLO (1693 McCollum, San Luis Obispo), (e) Sonata (5755 Valentina, Atascadero), (f) Alvin (937 West Alvin, Santa Maria), and (g) Mariposa (4087 Hillview, Santa Maria), in connection with its residential, day program and crisis services to people with developmental disabilities.

The CMFA PACE Program Issues $3,360,321 in Property Assessed Clean Energy Bonds

Oct 6, 2017

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 recently issued $3,360,321 in residential PACE bonds.

Low Cost, Tax-Exempt Financing Provided for the Monterra Village Apartments

Oct 6, 2017

The Monterra Village Apartments is an existing project located in Gilroy on a 2.38-acre site. The project consists of 33 restricted rental units and 1 unrestricted manager’s unit. The project provides 14 two-bedroom units, 16 three-bedroom units and 4 four-bedroom units. Building exterior renovations will consist of roof replacement, siding and balcony/deck repair and new paint. Interior renovations will include upgrades to the community room and kitchen, installation of a solar photovoltaic system as budget allows, and upgrades to the HVAC, plumbing and electrical systems. Individual apartment units will be updated with replacement of lighting, flooring, cabinets, countertops, kitchen appliances and bathroom ventilation fans. The rehabilitation of this project will provide affordable living in the City of Gilroy for an additional 55 years.

The CMFA Works with Community Housing Development Corporation of North Richmond to Finance Affordable Housing with Tax-Exempt Financing of $16,000,000

Oct 6, 2017

The CMFA issued $16,000,000 in tax-exempt bonds for North Richmond to Finance Affordable Housing to finance the acquisition and rehabilitation of the Barrett Plaza Townhomes.

The Barrett Plaza Townhomes is an acquisition rehabilitation of a 58-unit, affordable multi-family housing development consisting of two and three-story townhomes. The project was developed in 1975 and needs significant rehabilitation. The project has 46 three bedroom units, 11 four bedroom units, and one manager’s unit. It consists of 14 two-story buildings, containing between three and six units each. Parking is provided in uncovered surface lots that are fenced and equipped with power operated gates. The physical needs assessment concluded that multiple items need to be replaced such as furnaces, exhaust fans, water heaters, stucco patio walls and retrofitted windows. Full rehabilitation of the interior of 49 units including new flooring, bathroom fixtures, bathroom and kitchen cabinets, etc. New landscaping for grounds is also needed. The project is located at 510 Barrett Avenue, Richmond, California. This financing will continue to preserve 57 units of affordable housing in the City of Richmond for the next 55 years.

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