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Archive for May, 2019

The CMFA Completes the Issuance of $33,091,000 in Bonds for Parkside Villa & Rockwell Manor Apartments

May 21, 2019

Parkside Villa Apartments & Rockwell Manor Apartments is an existing scattered-site project located in the City of Fairfield on two parcels with a combined area of 7.27 acres. The project consists of 116 restricted rental units, 10 market rate units and 2 unrestricted manager units distributed as 88 two-bedroom units and 40 three-bedroom units. Building exterior renovations will include new roof, window and sliding door replacement, new entry doors and hardware, and fresh paint. Interior renovations will include upgrades to the laundry facilities, leasing office and fitness/business center. Individual units will be updated with new heating/AC units, new water heaters, electrical upgrades, new flooring and window coverings, new kitchen appliances, new kitchen and bathroom cabinets, countertops, plumbing fixtures, and fresh paint. Site area renovations will include new fencing and lighting, sidewalk repairs, asphalt sealing and re-striping, and improvements to the landscaping and signage. The rehabilitation is expected to begin in April 2019 and be completed in December 2019. The financing of this project will result in preserving affordable housing for 116 low-income households in the City of Fairfield for another 55 years.

Wakeland Housing & Development Corp. Creates Affordable Housing by Using Tax-Exempt Financing Issued by the CMFA

May 21, 2019

The CMFA issued $3,690,000 in tax-exempt financing for the Vista Las Flores Apartments. The proceeds will be used to acquire/rehabilitate a 28-unit affordable housing project located at 6408 Halyard Place, Carlsbad, CA. The Project needs renovation to address certain unit, building and common area concerns. The units will be restricted to households earning 50% and 60% or less of area median income (AMI). Amenities include community room, computer lab, laundry room, courtyard/picnic area and playground. Services include after school programs, adult education classes and reading literacy skill building programs for youth and adults. This financing will preserve 27 units of affordable housing for the City of Carlsbad for another 55 years.

The CMFA PACE Program Issues $3,851,702 in Property Assessed Clean Energy Bonds

May 17, 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 $3,851,702 in residential PACE bonds today.

The CMFA Issues $19,585,000 in Low Cost, Tax-Exempt Financing for San Benito School District

May 14, 2019

The CMFA issued $19,585,000 in tax-exempt bonds for the San Benito School District. The proceeds of the bonds will be used to complete the Science and Robotics Building. Additionally, the financing will provide funding to complete ADA compliance on its Main Campus, to demolish and infill old swimming pools, and to complete the Ag to ASB conversion. The total project cost of $18.5 million will be funded through the issuance of Lease Revenue Notes.

CMFA Completes the Issuance of $12,000,000 in a Tax-Exempt Loan for Woodside Priory School

May 6, 2019

The proceeds of the tax-exempt loan will be used for (1) paying, or reimbursing money advanced to pay, certain costs of acquiring, constructing, renovating, improving, equipping and installing certain educational facilities, including related support and administrative facilities and site improvements, located on or adjacent to the School’s main campus at 302 Portola Road, Portola Valley, California, 94028, including certain new faculty housing facilities and expansion of and improvements to campus dining facilities and all related fixtures, furnishings and equipment located or to be located within the County of San Mateo, California; and (2) paying the costs of issuance and certain interest with respect to the Loan.