$11,000,000 in Tax-Exempt Bonds Issued by the CMFA to Finance Camphora Apartments
The CMFA recently approved an $11MM transaction for South County Housing Corporation. The Camphora Apartments is a new construction replacement of an existing affordable housing project. The Camphora Farmworker Labor Camp was originally constructed in the early 1960’s as part of the Bracero program, which brought single migrant farm workers into the U.S. The project has fallen into disrepair due to the lack of ongoing maintenance. The developer plans to demolish the existing structures and replace them with four two story LEED Platinum design buildings containing 44 affordable apartments. The units will be restricted rental units to those with incomes between 50-60% AMI. Upon the completion these new units will provide affordable housing for 55 years in the City of Soledad.