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Archive for October, 2013

CMFA Assists Huntington Beach-based Manufacturer

Oct 21, 2013

Founded in 1941, Notthoff Engineering is a manufacturer of precision machined and close-tolerance medium to large sized parts and complex components used by the aerospace and defense industry. Recently, the CMFA assisted the Huntington Beach Manufacturer with tax exempt financing.  Proceeds of the bonds were used to finance the acquisition and installation of specialized machining equipment used in the manufacture of large metal components and assemblies. The equipment will allow the company to expand its customer base.

Vitus Group Partners with th

Oct 14, 2013

National leader in the redevelopment of preservation projects, Vitus Group develops affordable housing projects throughout the United States, with an emphasis on preservation of federally-subsidized projects. Vitus Group focuses in areas where existing affordable housing faces pressure from market forces. Recently, the CMFA closed a $40.0 million tax-exempt financing project for the Vitus Group. Proceeds will be used to acquire and rehabilitate 448 existing affordable apartment units in San Diego, California. The project known as Meadowbrook Apartments was originally built in 1969. Renovation of the Project includes general improvements to the site area and building exterior, new roofing, new windows, and an updated centrally monitored security system. The rental units themselves will receive new kitchen cabinets and countertops, upgraded appliances to meet Energy Star standards, renovation of bathrooms, and new flooring.

Charities Housing Partners with the CMFA on Sierra Vista I

Oct 2, 2013

Charities Housing secures tax-exempt bonds through the CMFA for the acquisition and rehabilitation of Sierra Vista I Apartments. Located in the City of Mountain View, Sierra Vista I consists of 34 townhome style apartments on a 1.8 acre site. Originally constructed in 1974 the five wood frame buildings will receive significant improvements including new fiber cement siding and insulation, roofing. The asphalt shingled roofs on the residential buildings will also be replaced. In addition, upgrades to the electrical, plumbing, mechanical fixtures and HVAC systems will be completed.

Charities Housing Partners with the CMFA on San Tomas Gardens Apartments

Oct 2, 2013

Built in 1972, San Tomas Gardens Apartments is a 100-unit complex located in the City of Campbell. The CMFA recently assisted Charities Housing in acquiring the facility with tax-exempt bonds. The project has a mix of two, three and four bedroom townhouse style units and serves very low-income families. The San Tomas Gardens is located just southwest of the City of San Jose and many residents work in Silicon Valley. This project will continue to help supply the area with affordable housing for 55 years.

The CMFA Assists MidPen Housing with Two East Palo Alto Sites

Oct 2, 2013

The CMFA recently assisted MidPen Housing with the acquisition and rehabilitation of two multifamily affordable housing located less than a mile apart. The Woodlands Newell Apartments are conveniently located to transit, shopping, hospitals and other conveniences. Both properties will receive exterior and interior improvements with special attention made to improving energy efficiency and resident safety.