The CMFA PACE Program Issues $5,073,630 in Property Assessed Clean Energy Bonds

Jan 24, 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 $5,073,630 in residential PACE bonds today.

CMFA Completed the issuance of $14,700,000 in Bonds for the Woodland Hills Assisted Living

Jan 16, 2019

Welbrook Woodland Hills (“Project”) is the new construction of a purpose-built Class “A” high-acuity assisted living and memory care facility located in the neighborhood of Woodland Hills, City of Los Angeles, California. The Project will feature a state-of-the-art one-story 33,500 square foot building with a total of 50 units and 60 beds situated on approximately 1.5 acres of land. The Project is fully approved by the City and will be licensed at completion under the California Department of Social Services as a high acuity assisted living and memory care facility for health and age qualified senior residents. Services offered at the facility will include; medication supervision, bathing assistance, dressing and personal grooming assistance, escort to meals and activities, ambulation assistance, incontinence management, three daily chef prepared meals, small group activities, salon, housekeeping and 24-hour security. This financing will create 10 new affordable and 40 market rate senior living units in the City of Los Angeles for 30 years.

The CMFA Works with Standard Property Company to Finance Affordable Housing with Tax-Exempt Financing of $35,210,000

Jan 9, 2019

The CMFA issued $35,210,000 in tax-exempt financing for the Heritage Apartments project. Heritage Apartments is an existing project located in Chula Vista on a 6.6-acre site. The project consists of 268 restricted rental units and 3 unrestricted manager units distributed as 90 one-bedroom units, 115 two-bedroom units, 54 three-bedroom units and 12 four-bedroom units. Building exterior renovations include a new roof, waterproofing of elevated walkways and landings and fresh paint. Interior renovations include elevator modernization and upgrades to the community room, laundry facilities, management offices and common area corridors. Individual units will be updated with new kitchen appliances, cabinets, countertops, flooring, A/C units, water heaters, fresh paint, with upgrades to the plumbing and electrical systems. Site area renovations include resurfacing of the on-site children’s playground and new signage. The rehabilitation is expected to begin in January 2019 and be completed in December 2019. The financing of this project will result in preserving affordable housing for 268 low-income households in the City of Chula Vista for another 55 years.

The CMFA Issues $11,459,808 in Low Cost, Tax-Exempt Financing for Sequoia Commons Apartments

Dec 31, 2018

Sequoia Commons Apartments is a new construction project located in Goshen on a 3.3-acre site. The project consists of 65 restricted rental units and 1 unrestricted manager unit distributed as 22 one-bedroom units, 22 two- bedroom units and 22 three-bedroom units. The project will be comprised of 11 two-story residential buildings that will contain six units each. Common amenities include a playground, barbecue/picnic area and a centrally-located community building equipped with laundry facility, kitchen, restrooms, computer lab and management office. Units will feature refrigerator, stove and dishwasher. There will be 76 parking spaces provided. Green features include solar photovoltaic power generation, Energy Star kitchen appliances, passive solar design, low water use fixtures and shade tree landscaping. Construction is expected to begin in December 2018 and be completed in December 2019. The financing of this project will result in the creation of affordable housing for 65 low-income households in the community of Goshen for the next 55 years

The CMFA Issues $11,459,808 in Low Cost, Tax-Exempt Financing for Sequoia Commons Apartments

Sequoia Commons Apartments is a new construction project located in Goshen on a 3.3-acre site. The project consists of 65 restricted rental units and 1 unrestricted manager unit distributed as 22 one-bedroom units, 22 two- bedroom units and 22 three-bedroom units. The project will be comprised of 11 two-story residential buildings that will contain six units each. Common amenities include a playground, barbecue/picnic area and a centrally-located community building equipped with laundry facility, kitchen, restrooms, computer lab and management office. Units will feature refrigerator, stove and dishwasher. There will be 76 parking spaces provided. Green features include solar photovoltaic power generation, Energy Star kitchen appliances, passive solar design, low water use fixtures and shade tree landscaping. Construction is expected to begin in December 2018 and be completed in December 2019. The financing of this project will result in the creation of affordable housing for 65 low-income households in the community of Goshen for the next 55 years

The CMFA PACE Program Issues $10,000,000 in Commercial Property Assessed Clean Energy Bonds for the 1919 Market Street Project

Dec 28, 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 $10,000,000 in commercial PACE bonds today for 1919 Market Street.

The CMFA Works with MidPen Housing Corp. to Finance Affordable Housing with Tax-Exempt Financing of $42,823,442

Dec 26, 2018

Vista Estero Apartments is a new construction project located in Oakland on a .78-acre site. It consists of 109 restricted rental units and 1 unrestricted managers’ unit. The project will have 106 one-bedroom units and 4 two-bedroom units. The building will be a four-story frame structured building over a two -story podium base. Common amenities include a large community room, lounge, fitness room, management offices, conference space, craft room, computer room and laundry room. Each unit will have a kitchen, bathrooms and closets. There are 82 parking spaces provided. The project will be pursuing LEED certification. Green features include energy and water efficient appliances and fixtures, solar thermal and photovoltaic panels to offset the hot water heating costs and drought-tolerant landscaping. The construction is expected to begin December 2018 and be completed in December 2020. The financing of this project will result in creating affordable housing for 109 low-income households in the City of Oakland for 55 years.

CMFA Completes the Issuance of $26,562,000 in Bonds for Paseo Estero Apartments

Dec 26, 2018

Paseo Estero Apartments is a new construction project located in Oakland on a .98-acre site. The project will be a “Hybrid” 9%/4% tax credit application. It consists of 60 restricted rental units. It will have 24 one-bedroom units, 6 two-bedroom units and 30 three-bedroom units. The building will be a two-elevator serviced, four story wood-frame structure built on two stories of a concrete podium. Common amenities include a lobby area, a multipurpose room, a computer lounge, fitness rooms, laundry rooms, management & services offices, a landscaped courtyard with playground and a BBQ grilling area. Each unit will have a refrigerator, range/oven and dishwasher. The project will be pursuing LEED certification. The construction is expected to begin December 2018 and be completed in November 2020.The financing of this project will result in creating affordable housing for 60 low-income households in the City of Oakland for 55 years.

The CMFA Provides $54,784,000 in Low Cost Tax-Exempt Financing to Christian Church Homes for the Westlake Christian Terrace West Apartments

Dec 26, 2018

Westlake Christian Terrace West Apartments is an existing project located in Oakland on a 1.11-acre site. The project consists of 199 restricted rental units and 1 unrestricted manager unit distributed as 199 one-bedroom units and 1 two-bedroom unit. Exterior renovations consist of the removal of wall panels to be replaced with stucco, new roof, seismic structural upgrades, window replacement, new HVAC equipment, trash room reconfiguration to meet code and new balcony railing. Interior renovations include reconfiguration of ground floor common areas for enhanced accessibility and functionality, updates to management offices, new computer center, updated restrooms, upgraded laundry facility, elevator improvements and a new security entry system. Individual apartment unit upgrades include new plumbing fixtures and appliances, upgrades to heating/AC, electrical and plumbing improvements, upgrades to telephone and Internet cabling, improved insulation and fresh paint. Twenty units will be converted to accessible units and 11 will be upgraded with audiovisual communication features. Common area renovations will include repair of site drainage, sewer and irrigation, updated landscaping, improved sidewalk accessibility, new lighting, fence replacement, relocation of emergency generator, new security cameras, re-sealing of parking lots, addition of ADA parking and new signage. The rehabilitation is expected to begin in July 2018 and will be completed in February 2020. This financing will preserve 199 units of affordable housing in the City of Oakland for the next 55 years.

The CMFA recently completed a $20,000,000 financing for the Judson Terrace Apartments

Dec 21, 2018

Judson Terrace Homes Apartments is an existing project located in San Luis Obispo on a 2.82-acre site. The project consists of 101 restricted rental units, 4 unrestricted units and two unrestricted managers’ units. The project has 70 one-bedroom units and 37 studio units. Building renovations will consist of replacing HVAC systems, upgrading finishes, limited framing repairs due to dry rot, and improvements to site drainage. The rehabilitation is expected to begin in January 2019 and be completed in January 2020. Built in 1968, the project is comprised of 11 two-story residential apartments with elevators and a shared community building. While the property has been well maintained, many of the building systems are at, or beyond, the end of their useful lives, and the property is in need of a moderate rehabilitation. Site work will include upgrading lighting with LED fixtures, removing and replacing concrete to meet ADA accessibility requirements, providing more centralized trash enclosures, replacing the asphalt shingle roof, repainting exterior buildings, and replacing all exterior doors and windows at units. Units will have kitchen cabinets replaced. The financing of this project will result in preserving affordable housing for 101 low-income households in the City of San Luis Obispo for another 55 years.

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