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Archive for April, 2015

Azusa Pacific University Secures Tax-Exempt Financing through the CMFA

Apr 13, 2015

The CMFA issued $131,725,000 in tax-exempt financing for Azusa Pacific University. The Bonds will be used to refinance prior revenue bonds and to acquire, construct and equip an approximately 68,000 square foot science center located at 701 East Foothill Boulevard on the west campus of the University. The funds will also be used to acquire the Crestview Apartments, an approximately 320 unit apartment facility located at 801 East Alosta Avenue for the purpose of providing housing to students.

The California Municipal Finance Authority helps Julian Charter School Access 26,665,000 in Tax-Exempt Bonds

Apr 3, 2015

The CMFA recently approved a $26,665,000 transaction for SDORI Charter School Properties, LLC. The proceeds of the tax-exempt bonds will be used to finance and refinance the acquisition, construction, expansion, renovation of, and equipping of several Julian Charter School facilities. The financing of these facilities will have a positive impact on the communities of Temecula, Murrieta and Encinitas by providing additional educational facilities and improving existing facilities.

$11,000,000 in Tax-Exempt Bonds Issued by the CMFA to Finance Camphora Apartments

Apr 3, 2015

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.