Author Archive
Jun 9, 2014
Christian Church Homes of Northern California’s mission is to provide “Affordable Quality Housing in Caring Communities.” Recently, Christian Church Homes partnered with the CMFA on an acquisition/rehabilitation of the Garfield Park Village. Originally constructed in 1964 the site provides affordable housing to low-income seniors age 62 and older with incomes of 50% and 60% of area median income. The 16-month renovation will include new kitchens, bathrooms in each of the units. The heating and plumbing will also be upgraded. Christian Church Homes will improve site accessibility and will make three units handicap accessible. In addition, a bona fide service coordinator/social worker will provide ongoing assistance will be provided to residents free of charge. Nestled in the City of Santa Cruz, the community consists of cottage style apartments and a 2 story low rise building, offers 94 apartments. Close to the beach, shopping, and public transportation, Garfield Park Village will soon be a highly desirable and unique place to call home.
Jun 9, 2014
The Pacific Companies is a privately-held group of firms dedicated to excellence in multifamily housing and charter school facilities. Pacific West Communities, Inc. recently selected the CMFA as their Issuer for their senior project in Willows CA.
The Willows Senior Apartments will be a 49-unit affordable senior housing new construction project and will target seniors earning up to 45% of the area median income for Glenn County. The project will be located at 1330 West Sycamore Street, City of Willows, California.The planned development consists of 2 wood-framed buildings and will consist of 39 one-bedroom units and 9 two-bedrooms units. In addition, three handicap accessible units will serve disabled individuals. When completed, residents will enjoy a 1,800 square foot community center consisting of an office, maintenance storage space, computer center, laundry facilities, exercise room and a community / TV room with a kitchen. Seniors will also enjoy a swimming pool, hot tub, community garden and a covered picnic area.
Jun 9, 2014
Established in 1965, Maranatha High School is a college preparatory high school, located in Pasadena, California. The School’s campus resides on 11 picturesque acres adjacent to Old Town Pasadena. The campus’ primary facilities include the Academic Center, the Student Center, the Athletic Center, and a state-of-the-art Athletic Field. Recently the CMFA issued tax exempt bonds for the prep school. Proceeds were used to refinance existing debt and assist with the acquisition, construction and improvement of nearby school properties.
Jun 9, 2014
The Caritas Corporation is a nonprofit whose mission and purpose is to provide and maintain quality, affordable housing for persons of low income and means, focusing on manufactured home parks. The CMFA recently issued tax-exempt debt that assisted in the acquisition and improvement of three mobile home parks located in Northern and Southern California. In addition, proceeds were used to refund existing bonds that were issued in 2003 and 2005 for the acquisition and improvement of six locations in the Cities of Lancaster, Brea, Vista and Rohnert Park. A total of 1,730 mobile home sites were preserved for low income residents through this financing.
Jun 9, 2014
The Vitus Group is a developer of smart affordable housing and a catalyst for community revitalization. They work with public and private sector partners to develop quality projects that strengthen neighborhoods and provide housing that families and individuals can feel proud to call home.
Recently, the CMFA assisted the Vitus Group with 615 Manhattan (formally known as Christ Unity Manor Apartments). The acquisition/ rehabilitation project involves a 12-story building conveniently located near the heart of the city. All 156 units consists of one bedroom and is designed for people who earn at or below 50% and 60% of the area median income. Units have private patios and balconies and the building includes a common area, outdoor courtyard, common laundry facilities and community facilities. Rehabilitation of project will focus on the building envelope with replacement of the roof and all exterior windows. Residents will enjoy kitchen upgrades in all 156 units including fixtures, appliances, cabinets and granite countertops. Kitchen and bath flooring will also be replaced. The common areas and community room will also receive a makeover with new cabinets, counters, appliances and flooring where needed .The acquisition/ rehabilitation of this project will continue to provide housing for 156 people for another 55 years.
May 19, 2014
Established in 1965, Maranatha High School is a not-for-profit, college preparatory high school, located in Pasadena, California. Maranatha High School provides an exceptional education for students desiring an opportunity to be fully equipped to pursue higher education. The school’s outstanding faculty provides a rigorous college preparatory curriculum, which cultivates within each student the knowledge and skills necessary for a successful college career. The School’s campus resides on 11 picturesque acres adjacent to Old Town Pasadena. The campus’ primary facilities include the Academic Center, the Student Center, the Athletic Center, and a state-of-the-art Athletic Field. Proceeds from the financing will be used to refinance existing bonds and finance improvements to be completed on their original campus.
May 19, 2014
Recently the CMFA partnered with developer Pacific West Communities, Inc. to provide tax-exempt financing for the construction of a 49 unit affordable senior housing project to be called Willows Senior Apartments. Located in Northern California’s Glenn County, the City of Willows has just a small handful of affordable options for seniors. The 49 unit project will target seniors with earnings up to 45% of area median income. The developer has planned for two buildings consisting of 39 one-bedroom units, nine two-bedroom units and one Manager’s suite. Included in the plan are three handicap accessible units for disabled seniors. Residents will soon enjoy the project’s amenities including a community garden, covered picnic area, and community center with computer center and exercise room. In addition, residents will be able to swim in an on-site swimming pool or relax in the hot tub.
May 12, 2014
Established in 1902 Point Loma Nazarene University is a Christian liberal arts university. Located in San Diego, California, Point Loma Nazarene University offers more than 60 undergraduate areas of study for roughly 2,400 undergraduate students. The school’s graduate program’s offers graduate degrees in business, education, nursing and theology with current enrollment at approximately 1,100 graduate students.
Recently, Point Loma Nazarene University selected the California Municipal Finance Authority to complete the refunding of their Variable Rate 2008 Bonds and assist in the financing of the construction, improvement and equipping of their existing campus and the expansion of the school’s new science complex.
May 5, 2014
Built on former agricultural land along Main Street in downtown Half Moon Bay, Main Street Park consists of 36 affordable family units. Originally constructed in 1996, MidPen Housing sought the help of the CMFA when it came time to restructure and rehabilitate the property to its former glory. Main Street Park maintains the charming, small-town feel of Main Street with front porches and traditional coastal architectural details like “shiplap” siding. At the center of the site is a small public park with a play structure and open space. The rehabilitation will include replacement of siding, windows, stair railings and window trim, site lighting and upgrades to older furnaces and hot water heaters in order to improve energy performance. The use of tax-exempt bond financing will ensure that low-income families in Half Moon Bay, CA will have affordable housing for the next 55 years.
May 5, 2014
Strawberry Creek Lodge was originally developed in 1962 and holds a community of 150 senior households active in the Berkeley community. Satellite Affordable Housing Associates (SAHA) has partnered with the CMFA to refinance and remodel the Lodge. SAHA has planned seismic and building upgrades, common space upgrades, energy efficiency upgrades and ADA upgrades to accommodate their senior residents. SAHA will also provide property management services and will include instructor led educational, health and wellness services, as well as provides an on-site service coordinator. The rehabilitation of this project will provide affordable housing for seniors for another 55 years in the City of Berkeley.
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