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Archive for August, 2016

CMFA Issues Financing for Affordable Housing Rehabilitation

Aug 30, 2016

The Life’s Garden Apartments project is an acquisition/rehabilitation of a 208-unit affordable senior housing development. The retirement community offers studio and one-bedroom apartments with approximately 450-550 square feet per apartment. Life’s Garden has an on-site service coordinator with access to a variety of classes/ services on health and safety. The property has a 22 passenger bus for social outings and events. 195 of the units will be restricted to 50% and 60% of Area Median Income. There will be 11 market rate units and 2 manager’s units. The project is located at 450 Old San Francisco Road, Sunnyvale, CA 94086. This financing will continue to provide 195 units of affordable housing for the City of Sunnyvale for the next 55 years.

DeSola Development Finances Housing Project with Tax-Exempt Bonds

Aug 25, 2016

The CMFA will act as issuer for tax-exempt bonds to benefit a project by DeSola Development.

The Pierce Park Apartments is an acquisition/rehabilitation of a 430-unit, affordable multi-family housing development made up of ten 2-story buildings. The project was last renovated in 1999 using tax-exempt bonds and proceeds from the syndication of 4% LIHTC. The project’s units will all be restricted to households making no more than 50% and 60% of Area Median Income with the exception of four market rate units that will be used as manager’s units. In order to preserve Pierce Park Apartments, critical renovations will need to be addressed. Renovations will be done to improve energy efficiency and to meet sustainability goals and improve building performance. The project is located at 12700 Van Nuys Blvd., Los Angeles, California. This financing will continue to preserve 426 units of affordable housing in the City of Los Angeles for another 55 years.

Eden Housing Preserves Affordable Housing by Using Tax-Exempt Financing Issued by the CMFA

Aug 16, 2016

The Corona Ranch and Washington Creek Apartments are an acquisition/ rehabilitation of existing affordable housing multifamily tax credit projects. The two projects will be combined into one scattered-site bond and tax credit project. The project will include: 1) a 32-unit multifamily residential rental facility commonly known as Washington Creek Apartments located at 909 Martin Circle in the City of Petaluma, California and 2) a 74-unit multi-family residential rental facility commonly known as Corona Ranch Apartments located at 990 Ely Road in the City of Petaluma, County of Sonoma The projects are in need of substantial rehabilitation with the scope of renovations including unit interior rehabilitation, including new carpet and flooring, new cabinets and countertops, as well as new appliances. Renovations will also be done to the common areas and building exterior with an emphasis on making the project more energy efficient and efforts for water conservation. This financing will preserve 106 units of affordable housing for the City of Petaluma for another 55 years.

The CMFA Issues $22,390,000 in Tax-Exempt Bonds for the Crossroads Apartments Project

Aug 15, 2016

The Crossroads Apartments is a new construction of a proposed 79-unit affordable multi-family housing development to be built in the unincorporated Roseland area of Santa Rosa, located at 1990-2030 Burbank Avenue, Santa Rosa, CA. The Project will be restricted to households earning between 30% and 60% of Area Median Income. Amenities will include a community room, courtyards, tot lot, play areas, laundry facilities and pedestrian paths. On-site resident services will be arranged by an on-site resident services coordinator. There will also be services for homeless person through Catholic Charities. This financing will help create 78-units of affordable housing for the City of Santa Rosa for 55 years.

California Crosspoint High School Students to Benefit from Tax-Exempt Financing with the CMFA

Aug 11, 2016

California Crosspoint High School (“CCHS”) is a fully accredited high school with an excellent academic track record which is grounded in Christian values and the Chinese culture. Their small student body of over 225 students and quiet location along the San Francisco Bay allow them to maintain a nurturing family atmosphere. Although they are known for excellence in academics, their menu of extra-curricular activities gives their students abundant opportunities to become well-rounded, contributing citizens.

The proceeds of the Bonds will be used to finance the acquisition, improvement and equipping of a private education facility located at 25500 Industrial Boulevard, Hayward, California.

The CMFA Completes a $34,895,000 Financing for the NorthBay Healthcare Group

Aug 4, 2016

The NorthBay Healthcare System (the “System”) consists of several affiliated non-profit corporations which provide healthcare services primarily to residents of Solano County, in northern California, through an integrated healthcare delivery system that includes two general acute care hospital campuses, multiple primary care and specialty care outpatient medical clinics, a home care agency, a hospice program, an ambulatory surgery center, satellite imaging centers and an occupational health program. The System provides services primarily at campuses in Fairfield, Vacaville and a corporate headquarters campus in Green Valley, California.

The financing enable NorthBay to refinance certain health care and related facilities owned and/or operated by the NorthBay Healthcare Obligated Group and to finance and/or reimburse NorthBay Healthcare Obligated Group for its prior payment of the costs of acquiring certain equipment and costs incurred in connection with the construction of additional improvements to and expansions and renovations of, health care facilities.