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Archive for September, 2016

Tax-Exempt Financing Provided for Open Door Community Health Centers

Sep 29, 2016

The CMFA recently issued $12,000,000 in tax-exempt financing for the Open Door Community Health Centers. The proceeds of the bonds will be used to: (1) finance the acquisition, construction, improvement and equipping of an approximately 31,000 square foot community health center to be located at 3750 Rohnerville Road in the City of Fortuna, California; and (2) pay certain expenses incurred in connection with the issuance of the Bonds.

This new clinic will include 30 primary medical care exam rooms, consultation rooms, at least three behavioral health offices, support and educational group space, conference rooms, and, specific to this application for HRSA HIIP funds, 11 dental operatory to support primary dental care for children and adults, a dental residency program in cooperation with the University of California San Francisco and a dental hygienist. The design supports team-based care, patient-centered medical homes and the integration of medical, dental, behavioral and enabling services in a comprehensive and coordinated approach to care.

Mercy Housing CA Partners with the CMFA on Saint Mary Tower Apartments

Sep 22, 2016

The CMFA issued $32,726,000 in tax-exempt bonds for the Saint Mary Tower Apartments project. The Saint Mary Tower Apartments is an acquisition/ rehabilitation of an existing 148-unit senior housing building located in Long Beach, CA. The project was originally constructed in 1986. The Project, consisting of a single 13 story building and 70 interior parking spaces, houses 146 tenant units (37 studio units and 109 one-bedroom units). Unit amenities include central heat/AC, carpeting, refrigerator, stove/oven and garbage disposal. Community amenities include a fitness center, community room, clubhouse and laundry facility. Renovations will include painting; landscaping; new windows, plumbing fixtures, parking lot pole light heads and Energy Star interior light fixtures and upgrades to the fire protection system, plumbing systems, electrical systems, office, community room, lobby, and elevator equipment room. The financing of this project will result in the preservation of 146 senior affordable apartments for the next 55 years in the City of Long Beach.

CMFA Completed the issuance of $18,000,000 in Bonds for Goodwill Central Coast

Sep 12, 2016

Goodwill Central Coast (“GCC”) is a California nonprofit public benefit corporation that was founded in 1953. GCC’s charitable programs include assisting disabled and disadvantaged persons residing in the Santa Cruz, Monterey and San Luis Obispo Counties to obtain job training, employment services and employment.

GCC began operations in the city of Santa Cruz in 1928 as a mission of the San Francisco Goodwill before separately incorporating in 1953. Today, GCC has expanded into three counties and eighteen stores, twenty-five attended donation centers, five donation processing centers, four career centers and two schools.

The proceeds will be used for the purposes of: (i) refinancing 2008 bonds, which bonds financed acquisition, construction and equipping of a training facility for disabled and disadvantaged persons and a retail store owned by the Borrower and located at 1550 41st Avenue, Capitola, California, (ii) financing costs of acquisition, renovation and equipping of an approximately 98,000 square foot building to be owned by the Borrower and located at 1566 Moffett Street in Salinas, California, within Monterey County, California, to house the Borrower’s administrative headquarters as well as serve as its primary hub for material handling, bulk sales, processing and distribution

Low Cost, Tax-Exempt Financing Provided for Casa Montego Apartments

Sep 9, 2016

The Casa Montego Apartments is an acquisition/ rehabilitation of an existing 80-unit affordable multi-family senior housing development. The project accommodates senior households with unit sizes of studio- and one-bedroom located at 1485 Montego Street, CA.

The scope of renovation includes replacing all kitchen cabinets and countertops, sinks, and faucets. Appliances and oven hoods will be replaced. New energy efficient hot water heaters will be provided. The common area forced air unit will also be replaced. The bathroom and kitchens will receive new flooring. Vanities, sinks, faucets, bath fans and floors will also be replaced. All the common areas will receive new carpet and flooring, new paint and new furniture where needed. All path of travel and common areas will receive full ADA upgrades. The parking lot will be repaired and resurfaced. The landscaping and outdoor sitting areas will be upgraded and modernized with new flatwork, plantings, irrigation, and play equipment. Siding and windows will be replaced. Roofs will be repaired and replaced and the entire project will be painted. This financing will preserve 79 units of senior affordable housing for the City of Walnut Creek for another 55 years.