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Archive for April, 2019

CMFA Issues Tax-Exempt Financing for Las Ventanas Apartments

Apr 22, 2019

The CMFA issued $33,118,719 for Las Ventanas Apartments. Las Ventanas Apartments is a new construction project located in the City of Long Beach on a 1.01-acre site. The project will consist of 78 restricted rental units, 1 unrestricted manager unit and 23 units at 80% AMI. The unit mix includes 1 studio unit, 49 one-bedroom units, 25 two-bedroom units and 27 three-bedroom units. The single building will consist of four residential stories over ground floor retail space and one level of semi-subterranean parking. Common amenities include a community room with computer lab, laundry facilities, management offices and open courtyard with barbeque area. Each unit will feature a kitchen equipped with refrigerator, range/oven, dishwasher and garbage disposal. Sixty-nine residential parking spaces, nine retail parking spaces and five motorcycle parking spaces will be provided in addition to secured bicycle parking spaces. The project will pursue LEED certification. The financing of this project will result in the creation of affordable housing for 78 low-income households in the City of Long Beach for the next 55 years.

The CMFA PACE Program Issues $4,536,073 in Property Assessed Clean Energy Bonds

Apr 19, 2019

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 another $4,536,073 in residential PACE bonds today.

The CMFA Works with MRK Partners to Finance Affordable Housing with Tax-Exempt Financing of $16,070,000

Apr 15, 2019

Federation Tower Apartments is an existing project located in Long Beach on a .93-acre site. The project consists of 49 restricted rental units, and one unrestricted manager’s unit. The project has 38 one-bedroom units, and 12 studio units. The renovations will include building exterior and interior upgrades. Building exterior renovations will consist of asphalt and pavement repair, paint, sealing the exterior to ensure waterproofing, landscaping and new signage. Interior renovations will include an update to the community room. The common kitchen will be modernized. The computer room will also receive upgrades. Individual apartment units will be updated with new appliances such as new refrigerator/freezers and ranges as well as new microwaves, cabinets, countertops, flooring and paint. Lastly, common or site area renovations will consist of energy efficiency upgrades including HVAC, lighting and plumbing. The furniture, fixtures and equipment will be modernized and upgraded. The rehabilitation is expected to begin in February 2019 and be completed in December 2019. The financing of this project will result in preserving affordable housing for 49 low-income households in the City of Long Beach for another 55 years.

MidPen Selects the CMFA as Issuer of a $52,502,214 Bond Financing

Apr 12, 2019

The CMFA issued $52,502,214 in tax-exempt bonds for Arroyo Green Apartments. Arroyo Green Apartments is a new construction project located in Redwood City on a 1.36-acre site. The project consists of 116 restricted rental units and 1 unrestricted manager unit. The project will have 29 Studio units, 83 one-bedroom units and 5 two-bedroom units. The building will be 7 stories with the first two floors for parking. Common amenities include a community room, two laundry facilities, management offices, fitness room, game room, library/reading room, computer lab and secured bike room. Ten percent (twelve) of the units will be built out as fully accessible as prescribed by ADA. Bathrooms will have appropriate maneuvering space for a wheel chair, fully backed grab bars, and removable base cabinets at the vanities. Accessible kitchens will be designed to accommodate mobility impairments and include features such as easily accessible shelves, counters, appliances, and electrical switches. Four percent (five) of the units will be designed for hearing/visually impaired residents. Other sustainable and green building elements will include landscaping comprising of drought-tolerant and non-invasive plantings. Construction is expected to begin April 2019 and be completed in December 2020. This financing will create 116 units of affordable housing for the City of Redwood City for the next 55 years.

CMFA Issues Tax-Exempt Financing for California Institute of Integral Studies

Apr 3, 2019

The CMFA issued $20,000,000 for the California Institute of Integral Studies. The proceeds of the loan will be used to (i) refinance all or a portion of certain outstanding debt obligations that originally financed and refinanced the acquisition, construction, improvement, equipping and furnishing of educational facilities located at 1453 Mission Street, within the City and County of San Francisco (the “City”), owned and managed by the California Institute of Integral Studies, in connection with the provision of educational and other services in the City, including the instruction of students enrolled in its undergraduate and graduate degree programs, (ii) finance additional improvements to and equipping and maintenance of such facilities, including but not limited to building waterproofing, seismic upgrades and other campus improvements and maintenance, (iii) finance improvements to and equipping and maintenance of certain other facilities leased, occupied and operated by the Borrower for the provision of counseling services to residents of the City, which facilities are located at 312 Sutter Street, San Francisco, California 94108, (iv) pay capitalized interest on the Loan, and (v) pay certain expenses incurred in connection with the issuance of the Loan.

MidPen Secures Tax-Exempt Debt of $26,064,829 Through the CMFA

Apr 2, 2019

The CMFA issued $26,064,829 in tax-exempt bond proceeds for Shorebreeze Apartments. The Shorebreeze Apartments is the new construction of a 62-unit affordable housing multifamily project. The project will be the second phase of an existing project built in 1980. Currently, the development consists of 120 affordable apartments. The new development will consist of the demolition of 12 existing townhomes and the creation of 62 new affordable apartments all located in one new building located at 460 N. Shoreline Boulevard, in the City of Mountain View, California. The units will be restricted to households earning between 50% and 60% or less of area median income (AMI). Amenities will include a courtyard, walking pathways, playground, community room, computer lab, bike lockers and laundry facilities. Services will be provided by MidPen Resident Services Corporation, a 501(c)3 affiliate of MidPen Housing Corporation that provides extensive on-site social services for MidPen residents. Services specific to Shorebreeze include a senior services coordinator to ensure the senior residents are strategically connected to community resources and a family services coordinator who will design and oversee an after-school program, and supportive services on an as needed basis. This financing will create 61 units of new affordable housing for the City of Mountain View for 55 years.