CMFA Issues Tax-Exempt Financing for California Institute of Integral Studies

Apr 3, 2019

The CMFA issued $20,000,000 for the California Institute of Integral Studies. The proceeds of the loan will be used to (i) refinance all or a portion of certain outstanding debt obligations that originally financed and refinanced the acquisition, construction, improvement, equipping and furnishing of educational facilities located at 1453 Mission Street, within the City and County of San Francisco (the “City”), owned and managed by the California Institute of Integral Studies, in connection with the provision of educational and other services in the City, including the instruction of students enrolled in its undergraduate and graduate degree programs, (ii) finance additional improvements to and equipping and maintenance of such facilities, including but not limited to building waterproofing, seismic upgrades and other campus improvements and maintenance, (iii) finance improvements to and equipping and maintenance of certain other facilities leased, occupied and operated by the Borrower for the provision of counseling services to residents of the City, which facilities are located at 312 Sutter Street, San Francisco, California 94108, (iv) pay capitalized interest on the Loan, and (v) pay certain expenses incurred in connection with the issuance of the Loan.

MidPen Secures Tax-Exempt Debt of $26,064,829 Through the CMFA

Apr 2, 2019

The CMFA issued $26,064,829 in tax-exempt bond proceeds for Shorebreeze Apartments. The Shorebreeze Apartments is the new construction of a 62-unit affordable housing multifamily project. The project will be the second phase of an existing project built in 1980. Currently, the development consists of 120 affordable apartments. The new development will consist of the demolition of 12 existing townhomes and the creation of 62 new affordable apartments all located in one new building located at 460 N. Shoreline Boulevard, in the City of Mountain View, California. The units will be restricted to households earning between 50% and 60% or less of area median income (AMI). Amenities will include a courtyard, walking pathways, playground, community room, computer lab, bike lockers and laundry facilities. Services will be provided by MidPen Resident Services Corporation, a 501(c)3 affiliate of MidPen Housing Corporation that provides extensive on-site social services for MidPen residents. Services specific to Shorebreeze include a senior services coordinator to ensure the senior residents are strategically connected to community resources and a family services coordinator who will design and oversee an after-school program, and supportive services on an as needed basis. This financing will create 61 units of new affordable housing for the City of Mountain View for 55 years.

The CMFA PACE Program Issues $3,888,777 in Property Assessed Clean Energy Bonds

Mar 29, 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 $3,888,777 in residential PACE bonds today.

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.

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