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Archive for August, 2014

Chelsea Investment Corporation & the CMFA Bring Senior Affordable Housing to Bakersfield

Aug 19, 2014

Chelsea Investments and the CMFA recently partnered on a tax-exempt financing for a senior affordable housing project. Proceeds of the bonds will assist in the construction of a 61-unit (plus one manager’s unit) apartment building known as Mill Creek Courtyard Apartments in the City of Bakersfield. Construction is scheduled to begin within the next 30 to 45 days. The 61-unit  project is targeted for seniors aged 55 years or older with incomes of 50% to 60% of Area Media Income. The 3-story building will offer residents a common community kitchen, computer room, community gardens, green space, and secure covered parking.  Chelsea Investments anticipates that the one and two-bedroom units will be ready for occupancy in early 2015.

The CMFA & Jamboree Housing Corporation Work Together to Preserve Affordable Housing for Families in Solano County

Aug 19, 2014

Recently the CMFA assisted Irvine-based Jamboree Housing with the acquisition and rehabilitation of the Monument Arms Apartments. The project is located at 261 Alaska Avenue, Fairfield, California and serves families earning up to 60% of Area Median Income. The tax-exempt bonds will allow for the renovation of the 14 two-story garden style apartment buildings.  Bond proceeds will be spent on renovating each of the units including installing new kitchen cabinets, countertops. In addition each of the 14 buildings will receive fresh paint, new roofs and energy efficient features that will result in a 10% reduction of energy usage overall. The acquisition and rehabilitation of this project will provide 92 families with affordable housing in Solano County for another 55 years.

Woodside Priory School Secures Tax-Exempt Financing through the CMFA

Aug 5, 2014

Woodside Priory School is an independent, catholic, co-educational college preparatory day and boarding school in the Benedictine tradition. The School serves day students in grades six through twelve as well as boarding students in grades nine through twelve. The School encompasses 51 wooded acres and has over 40 buildings in Portola Valley, California – roughly 40 miles south of San Francisco and less than five miles from Stanford University.

Recently, Woodside Priory School secured tax-exempt financing through the CMFA. Proceeds of the bonds will be used to construct and equip a 10,000 square foot classroom facility to be known as Benedictine Square. The building will serve as a learning hub and for student activities.

Thomas Safran & Associates and the CMFA Preserve Affordable Senior Housing in Whittier, CA

Aug 5, 2014

Recently, Thomas Safran & Associates secured tax-exempt financing for the acquisition/ rehabilitation of an existing 6 story, 75-unit property. The project is known as William Penn Manor and is located in Whittier, CA. William Penn Manor contains both studio and 1 BR units that provides Section 8 Housing for seniors age 62 and older.

Proceeds from the tax-exempt financing will be used to finance needed renovations including updating appliances, building exterior and interior common areas and landscaping as necessary.  The developer also plans on adding a business center/computer lab, picnic areas with barbecue grills, security cameras, a Service Coordinator, free Wi-Fi, and microwaves in each unit for the residents. This financing will preserve 74 units of at risk affordable housing for the City of Whittier for another 55 years.