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Archive for May, 2016

Peoples Self Help Housing Corporation Project to Benefit Santa Barbara’s Low Income Residents

May 31, 2016

Peoples’ Self-Help Housing (“PSHH”) is a national award-winning non-profit organization that creates affordable housing and self-sufficiency programs on California’s Central Coast; San Luis Obispo, Santa Barbara, and Ventura Counties.

The Jardin de las Rosas Apartments is a new construction project consisting of a 40 unit apartment property for affordable multifamily renters. The project site plan consists of 1 three-story building. The first story includes a parking garage and community center. The community center will be 3,000sq ft. which will contain a multipurpose room, kitchen, offices, classrooms, restrooms, laundry room, storage, and a mechanical room. The remaining two stories will be affordable apartments for families. The financing of this project will result in retaining 40 affordable apartments for the next 55 years.

The CMFA Completed the issuance of $5,447,403 in Bonds for Many Mansions

May 19, 2016

During 1986-87, Many Mansions embarked upon its first development project. Many Mansions, along with the City of Thousand Oaks and the Conejo Future Foundation, developed Schillo Gardens. Financed through the federal tax credit program and with assistance from the City of Thousand Oaks, Schillo Gardens housed individuals and families who were low-income and whose rent would be set accordingly. Many Mansions has continued to grow its portfolio and develop affordable housing.

This bond financing will enable Many Mansions to acquire and rehabilitate the Schillo Gardens Apartments affordable multifamily rental housing facility. The project consists of 7 one-bedroom, 16 two-bedroom and 6 three-bedroom units. Many Mansions is purchasing the Schillo Gardens Apartments from the City of Thousand Oaks. Upon purchase, a significant rehabilitation will take place to address replacement of major building systems, increase energy & water efficiency and improve the individual units. Rents will be restricted to households with incomes no greater than 50% and 60% of the area median income. This project is located at 2825-2861 Los Robles Road, Thousand Oaks, California.

American Heritage Education Foundation Selects the CMFA as Issuer

May 17, 2016

American Heritage Education Foundation (“AHEF”) is a non-profit, non-partisan organization 501(c)(3) dedicated to the understanding and teaching of America’s philosophical heritage to promote constructive citizenship and freedom, unity, progress, and responsibility among students and citizens.

Recently, AHEF selected the CMFA as its issuer of tax exempt bonds. Proceeds were used to finance the costs of the acquisition, construction, improvement, renovation and equipping of public charter school facilities located in Escondido California. The refinancing allows the organization to stabilize their interest costs and take advantage of the current low interest rates.

CMFA Completed the issuance of $16,400,000 in Bonds for Buckingham Apartments

May 13, 2016

MRK Partners, Inc. completed the issuance $16,400,000 of tax-exempt private activity bonds to finance an affordable housing project in the City of Los Angeles, Los Angeles County, California.

The Buckingham Apartments is an acquisition/ rehabilitation of an existing affordable housing multifamily tax credit project. The project is an 84 unit multifamily residential rental facility consisting of five buildings all within approximately 1/5 of a mile from each other. This financing will preserve a much needed 83 units of affordable housing for the City of Los Angeles for another 55 years.

Low Cost, Tax-Exempt Financing Provided for King Chavez Academies

May 11, 2016

King-Chavez Neighborhood of Schools is focused on closing the achievement gap between urban students and their suburban counterparts, promoting social justice through educational reform, and developing local leaders.

Recently, King Chavez Academies selected the CMFA as its issuer of tax exempt bonds. Proceeds were used to refund outstanding debt and finance the costs of constructing improvements to, expansion of, renovation of, and equipping of educational facilities located throughout San Diego County.