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Archive for June, 2019

The CMFA Works with APEC to Finance Affordable Housing with Tax-Exempt Financing of $15,000,000

Jun 27, 2019

The Hotel Fresno project will consist of the complete renovation of the existing vacant Hotel Fresno. The Hotel Fresno project will be a mixed-use project consisting of 40 restricted affordable housing units at 50% AMI, 38 units at 80% AMI, and 1 unrestricted manager unit with light retail commercial uses on the first floor of the building. The overall project residential units and residential support areas such as the community room, computer room, sitting areas, and management offices will be located on floors 2-7 and the basement floor. The ground floor commercial space will be designated for light retail/commercial, all within the footprint of the existing structure. All units will have central heat and air conditioning. The building will have controlled access, laundry rooms, and free WIFI. In addition to the Hotel Fresno building, the project will also include an outdoor recreation/play area to be located on an adjacent property to the rear of the existing building. The project will have access to 41 parking spaces for the affordable housing tenants and manager on adjacent property southeast of the building. This financing will create 40 units of affordable housing and another 38 units at 80% for the City of Fresno for the next 55 years.

The CMFA PACE Program Issues $4,110,182 in Property Assessed Clean Energy Bonds

Jun 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 $4,110,182 in residential PACE bonds today.

Town and Country Manor of the Christian Missionary Alliance Finances Town & Country Manor with a $34,385,000 Issuance From the CMFA

Jun 13, 2019

Town and Country Manor will use the proceeds of the Bonds, together with other available funds, to (i) finance a portion of the acquisition, construction, improvement and equipping of a new two-story 48 unit, 88 bed memory care facility and related parking garage of the Community, including capitalized interest on the Bonds through October 1, 2020; (ii) redeem all of the Authority’s Refunding Revenue Bonds (Town and Country Manor), Series 2013 (the “Prior Bonds”), issued to refinance the acquisition, construction, improvement and equipping of certain retirement, nursing and assisted living facilities of the Community; (iii) fund a bond reserve account for the benefit of the Bonds; (iv) pay an insurance premium and related fees to the Office of Statewide Health Planning and Development of the State of California; and (v) pay costs of issuance of the Bonds.

The Project entails a new two-story, 50,564 square foot building that will include 48 units (8 private rooms and 40 semi-private rooms) and 88 beds. The building will be separated into four neighborhoods with therapeutic kitchens, quiet rooms, spas, activity rooms, and large dining and entertainment centers. The facility will also include a food preparation kitchen, housekeeping, storage space and personal laundries. Outdoor spaces will consist of a “walled-in” memory garden on the first floor and a sun deck/ terrace on the second floor. The Project will also include the construction of a 24,728 square foot one-story basement parking garage, with 51 car parking spaces and storage, commercial laundry and utility rooms.  Upon completion of the Project, the Community will consist of 361 units/beds. 

The CMFA Issues $4,875,127 in Tax-Exempt Debt for Santa Clara University

Jun 12, 2019

The Santa Clara University financing proceeds will be used to refinance indebtedness of the Borrower that was incurred to finance and refinance the acquisition, construction, improvement, rehabilitation, renovation and equipping of educational facilities owned by the Borrower and located on the Borrower’s campus at 500 El Camino Real, Santa Clara, California.

The CMFA Completed the issuance of $26,205,000 in Bonds for Salerno Apartments

Jun 12, 2019

Salerno Apartments is a new construction project located in Irvine on a 2.58-acre site. The project consists of 79 restricted rental units, and one unrestricted manager’s unit. The project will have 24 one-bedroom units, 16 two-bedroom units and 40 three-bedroom units. The building will be four stories and slab on grade. Common amenities include community gathering space, swimming pool and tot lot. Each unit will have a washer and dryer. There are 173 parking spaces provided. Green features include a non-smoking policy, graywater irrigation and energy efficiency 7% beyond 2016 building code standards. The construction is expected to begin June 2019 and be completed in June 2020. This financing will create 79 units of affordable housing in the City of Irvine for the next 55 years.