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Archive for July, 2017

CMFA Completed the issuance of $21,450,000 in Bonds for Park Paseo Apartments

Jul 31, 2017

The Park Paseo Apartments is a 96-unit Acquisition/Rehabilitation affordable senior development with two manager units located in the City of Glendale, California. The project is currently financed with a HUD 202 Loan. The project is an 8 story reinforced concrete structure constructed in 1979. The project provides housing and support services to individuals 62 years of age and older with income at or below 60% of area median income. All of the units include project based Section 8 rental assistance. The project will continue to provide safe, clean affordable housing for another 55 years to senior citizens. The tenants will enjoy a financial and money management, health, wellness and care placement classes. There will also be community rooms, laundry facilities and elevators.

Low Cost, Tax-Exempt Financing Provided for the Rotary Miller Avenue Senior Apartments

Jul 28, 2017

The Rotary Miller Avenue Senior Housing Apartments is a new construction project of an 81-unit affordable senior apartment complex. The project is located on a City-owned site in downtown South San Francisco. Eighty of the units will be restricted to households with incomes at 50% or less of Area Median Income and one unit will be unrestricted to be used as a manager’s unit. The project will commit 20% of the units to be set aside for seniors with disabilities. Community amenities include a central laundry room, an exercise room and a lounge with access to outdoor terrace space with heaters. The project will also provide van service, free wireless broadband access and laptops will be available for checkout. The goal of the design team is to balance the uses of the project that facilitates four main components: affordable senior housing, non-profit office use, flexible community space with activation of the street front. This financing will create a much needed 80 units of affordable senior housing for the City of South San Francisco for the next 55 years.

The CMFA Works with Meta Housing to Finance Affordable Housing with Tax-Exempt Financing of $39,823,120

Jul 26, 2017

The CMFA issued $39,823,120 in tax-exempt bonds for Meta Housing to finance the acquisition and rehabilitation of The Cannery Apartments.

The Cannery Apartments project is a proposed new construction development of a 104-unit multifamily apartment project to be located at 111 Lewis Street, Gilroy, CA. The project will offer one-, two- and three-bedroom units, including a two-bedroom manager’s unit. All units with the exception of the manger’s unit will be restricted to households making between 50% and 60% of Area Median Income. Common areas will consist of a community room, exercise room, playground, orchard, outdoor eating area, community garden and onsite management. The financing of this project will result in creation of affordable housing for 103 low income households in the City of Gilroy for the next 55 years.

The CMFA PACE Program Issues $4,089,958 in Property Assessed Clean Energy Bonds

Jul 24, 2017

PACE (Property Assessed Clean Energy) is an innovative program that provides residential and commercial property owners with low-cost, long-term financing for water conservation, energy efficiency, and renewable energy improvements. All while helping local governments meet their water and energy conservation objectives.

The CMFA issued $4,089,958 in residential PACE bonds in July

CMFA Financings Enable $132,400 in Contributions to California Nonprofits

Jul 14, 2017

The CMFA continues to give back to the communities in California by directing a portion of its issuance fees to charitable organizations. Twenty-seven 501(c)(3) organizations received $132,400 total in contributions from the California Foundation for Stronger Communities with funds donated by the CMFA.

The 27 well-deserving organizations include:

Orange County Mentors for Youth

Helping Hands Youth Facility

Crisis House

A Step Beyond

North Star Family Center

Golden State Family Services, Inc.

Pathway Family Services, Inc.

Therapy Center Inc.

Desert Haven Enterprises

East Los Angeles Women’s Center

Mendota Health Center

Us for Warriors Foundation

Veterans Association of North County

United Health Centers Foundation

Community Group Ministries

Breaking the Cycle Treatment Program

Workshops for Warriors

Hope Sanger

Selma Arts Foundation

Shafter Symphony Orchestra

Abrazo Foster Family Agency

Alternatives to Violence

Caring Choices Inc.

Challenges for Youth

Community Assistance League

Contra Costa Kops for Kids

Little League Baseball, Inc. – Willows

Jamboree Housing Corporation to Purchase and Rehabilitate Heritage Villas Affordable Apartments in the City of Mission Viejo through Low-cost Financing Secured Through the CMFA

Jul 13, 2017

The Heritage Villas Apartments is an acquisition/rehabilitation project consisting of a 143-unit multifamily rental housing project. The project is located at 26836 Oso Parkway, in the City of Mission Viejo, California. The project will involve the rehabilitation of the existing structures. Rehabilitation will include updating the interior units as well as renovating the exterior of the buildings. The units will be restricted to households with incomes no more than 50% to 60% of the area median income. The financing of this project will result in continuing to provide affordable housing for 141 households in the City of Mission Viejo for another 55 years.

The CMFA Completed the issuance of $5,250,000 in Bonds for St. John’s Well Child & Family

Jul 12, 2017

St. John’s Well Child and Family Center, Inc., is using the proceeds of the issuance to refund the outstanding California Municipal Finance Authority Insured Revenue Bonds (St. John’s Well Child and Family Center, Inc.), Series 2011, currently outstanding in the principal amount of $5,010,000, the proceeds of which were used to prepay a fixed rate, taxable bank loan obtained from City National Bank, incurred in connection with the acquisition of facilities located at 5701 and 5801 South Hoover Street, and 818, 834, and 840 West 58th Street, Los Angeles, California, and to prepay two variable rate, taxable bank loans obtained from Bank of America, N.A., and to pay a related swap termination fee, also incurred in connection with the acquisition of the Project.

The CMFA Assists St. Mary’s School on an $18,000,000 Tax-Exempt Bond Financing

Jul 11, 2017

The proceeds of the Bonds will be used for the purpose of 1) refinancing the Borrower’s outstanding obligations under the Master Loan Agreement, dated as of June 1, 2011, by and among First Republic Bank, the Authority and the Borrower, the proceeds of which were used to refinance a portion of the cost of the acquisition, construction, renovation, remodeling, expansion and equipping of educational facilities on approximately 6.27 acres of real property located at 7 Pursuit, Aliso Viejo, California 92656, consisting of classrooms, gymnasium, science labs and related educational facilities; and (2) financing the cost of acquisition, construction, development, renovation, remodeling, expansion and equipping of additional educational facilities at the Property, including, but not limited to, enhanced outdoor spaces, a fully operational commercial kitchen to provide daily lunch and snacks for students and faculty, improvements to classrooms and the construction of a two-story modular classroom facility.

The CMFA Issues $233,290,000 in Tax-Exempt Financing for Eisenhower Medical Center

Jul 6, 2017

The Borrower expects to use the proceeds of the Bonds to: (1) refinance the costs of the acquisition, construction and equipping of certain health care capital improvements at the Eisenhower George and Julia Argyros Health Center, a 93,000 square feet outpatient care, imaging/laboratory, wellness and physician office center, located at 45280 Seeley Drive, La Quinta, California 92253; and on and adjacent to the campus of Eisenhower Medical Center, located at 39000 Bob Hope Drive, Rancho Mirage, California 92270, including a 313-bed acute care hospital and the 248-bed Walter and Leonore Annenberg Pavilion (combined, the “Project”); and (2) pay various transaction costs, issuance costs other costs related to the Bonds.