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Archive for October, 2012

The CMFA Assists Tissue Banks International Acquire Central Processing Facility in Richmond, CA

Oct 29, 2012

Tissue Banks International (TBI) is a non-profit which operates a network of eye and tissue banks. The organization is dedicated to providing safe, innovative biologic allografts for use in ophthalmology, spine, sports, orthopedics, trauma, dental, dermal and other fields. Recently the CMFA issued tax exempt bonds that TBI will use to acquire a 57,800 square foot facility in Richmond, CA.  When the improvements are completed the Richmond location will be the central processing site for tissue, skin, bone and ocular tissue including corneas.  Annually, TBI helps more than 100,000 patients improve their lives.  TBI’s work is technical and focused on regulatory compliance, efficient tissue processing, or distribution logistics.

The CMFA Completes Notre Dame High School Financing

Oct 29, 2012

Notre Dame High School is a private, Catholic secondary school with a diverse community with students from varied cultural and economic backgrounds. The school functions in the Holy Cross tradition which emphasizes the education of the heart and minds of students and acknowledges that each student is diverse in talent, ethnicity and society.

Recently, the CMFA provided the financing for their campus in Sherman Oaks.  Proceeds from the tax-exempt bonds will refinance debt associated with the construction of their science building, the gymnasium, a new parking structure, tennis courts above the parking structure, and the football stadium and other educational facilities and related support facilities on their campus. 

Christian Church Homes & the CMFA Partner to Rehabilitate Senior Affordable Housing in Oakland, CA

Oct 29, 2012

Christian Church Homes recently partnered with the CMFA to secure tax-exempt bonds.  Proceeds of the bonds were used to acquire Westlake Christian Terrace East Apartment located in the City of Oakland.  Additionally, funds will be used to complete the rehabilitation of the HUD-assisted multifamily rental housing property.   

Westlake Christian Terrace East Apartment is a senior housing development and is comprised of an 11-story concrete building with a total of 200 units. The scope of the work includes exterior paint, architectural design elements on the facade of the first two floors to improve the overall look of the building, reworking of the building entrance, provide outdoor seating, and a re-design of the existing handicap parking located just outside of the building entrance. In addition, the scope of work will also include new uses such as: access to a new roof deck for resident enjoyment with seating and areas for various program specific uses. The 24-month rehabilitation project is anticipated to be completed in July of 2014.

City of Ukiah Benefits from Low Income Housing

Oct 24, 2012

Recently, Rural Communities Housing Development Corporation (RCHDC) approached the California Municipal Finance Authority with their McCarty Manor location.  This 40 unit site had been originally financed through USDA loans which were about to expire.  Many developers opt to convert these projects into market rate apartments in order to improve their return on investment.  However, the newly issued debt will allow RCHDC to preserve the affordability at this Ukiah located multi-family housing apartment site for the next 55 years while also allowing the developers to make some needed improvements.

CMFA Financings Enable $127,500 in Contributions to California Nonprofits

Oct 16, 2012

The CMFA continues to give back to the communities in California by directing a portion of its issuance fees to charitable organizations. A total of twelve non-profit 501(c)(3) organizations received a total of $127,500 in grants from the California Foundation for Stronger Communities with funds donated by the CMFA:

Afghan Coalition works to improve the health and well-being of Bay Area Afghan communities.

African Advocacy Network is a San Francisco-based organization that provides a variety of services to immigrants from African nations.  Their primary focus is in providing legal assistance, social services and psycho-social case management, as well as promoting cultural integration through the arts.

Arab Cultural and Community Center was founded in 1973.  The 501(c)(3) nonprofit organization is devoted to promoting Arab art and culture and enriching the lives of the Arab American community.

Narika promotes the empowerment of South Asian women to confront and overcome the cycles of domestic violence and exploitation. We work to build a movement to end violence against women and to actively support women’s rights as human rights.

Big Sur Health Center provides quality comprehensive medical care to all in Big Sur regardless of ability to pay.

SEMAH stands for the principles of Safety, Education, Mutual Respect, Awareness and Hope. They believe that these principles are crucial towards building healthy relationships with oneself, between individuals, families and communities. Founded in 2005, SEMAH works to help combat the scourge of domestic violence and to spread awareness of non-violent means of resolving differences.

Khmer Girls in Action works to empower young Southeast Asian women to become relevant social justice organizers who can respond to the immediate needs of their communities..

Sol La Music Academy develops both the artistic abilities and the technical skill of all students through instrumental studies and the language of music and the performing arts, no matter their background or previous experience.

California State University Philanthropic Foundation seeks financial support while working to create learning opportunities for students, alumni, and the community that complement the University’s teaching, research and public service goals driven by intellectual interaction and creativity.

Gahr High School Athletic Department – It was recently reported that the free food service program at the Cerritos, CA high school had been late or underfunded. Many of the football players at the school need to participate in the free food program. However, due to the program’s underfunding many of the football players are practicing and playing in games without eating that day.

Elk Grove Youth Dance, Inc. promotes youth appreciation of dance and the performing arts regardless of financial constraints and economic hardships.

InnerCity Struggle promotes safe, healthy and non-violent communities by organizing youth and families to build power and influence in Boyle Heights, El Sereno, unincorporated East Los Angeles and Lincoln Heights to work towards economic, social and educational justice.

The Willows Community School Secures Tax Exempt Financing Through the CMFA

Oct 10, 2012

Founded in 1994 by a small, determined group of parents and educators, The Willows School utilizes a progressive and innovative approach coupled strong academic roots that instills character and compassion, inspires intellectual fearlessness and flexibility in its students.  Today, the Willows School serves both lower and middle aged students across a broad demographic throughout Los Angeles.  Recently, The Willows School took advantage of tax-exempt bonds issued by the California Municipal Finance Authority.  Proceeds were used to refinance existing long term debt.  In addition, proceeds will be used to make significant improvements and renovations to their Culver City campus.

Vitus Development Partners with the CMFA on San Luis Obispo Property

Oct 10, 2012

Vitus Development is a developer of smart affordable housing and a catalyst for community revitalization. They work with public and private sector partners to develop quality projects that strengthen neighborhoods and provide housing that families and individuals can feel proud to call home. The Madonna Road Apartment project is an acquisition/ rehabilitation of an existing apartment complex in San Luis Obispo, California.  Recently, Vitus Development selected the CMFA for this project.  Proceeds from the low-cost bonds will be used to acquire and complete the rehabilitation of 119 units which will serve both families and seniors with extremely low to very low incomes.

Pegasus School Partners with the CMFA on Tax-Exempt Financing

Oct 9, 2012

The Pegasus School is dedicated to academic excellence and to the development of lifelong learners who are confident, caring, and courageous.  The private school serves pre-K through 8th grade students.  Recently the Pegasus School requested that the CMFA assist them in the refinancing of the debt associated with the purchase and improvement of their Huntington Beach campus.  The new low-cost financing will help the school stabilize cash flow though a long term fixed rate.

Zoological Society of San Diego Selects the CMFA as Issuer

Oct 9, 2012

Zoological Society of San Diego recently selected the CMFA to refinance of their tax-exempt bonds used for the construction and improvements of the Wild Animal Park in San Diego, CA.  The 100-acre Zoo is home to over 4,000 rare and endangered animals representing more than 800 species and subspecies. The Safari Park is an expansive wildlife sanctuary that is home to more than 3,500 animals representing more than 400 species.