Author Archive

The CMFA issues $10,000,000 in Bonds to the Gindi Maimonides Academy located in Los Angeles, California

Feb 10, 2016

Gindi Maimonides Academy was founded in 1968 to provide a superior and diverse educational experience for its students. The School began with fewer than 15 students and has grown to serve nearly 300 families and over 500 students. The proceeds of the Bonds will be used to finance and refinance the acquisition, construction, renovation, improvement and equipping of certain educational and other facilities located on the Academy’s main campus that is located in Los Angeles, California.

CMFA issues $18,948,166 in Bonds to East Bay Asian Local Development Corporation for the Marcus Garvey Common and Hismen Hin-Nu Terrace Apartments located in Oakland, California

Feb 10, 2016

Marcus Garvey is an existing 22-unit project located in Oakland. Originally constructed in 1992, the structures and site are in need of significant rehabilitation to replace items that have exceeded their useful life. Hismen Hin-Nu Terrace Apartments, built in 1995, is an existing 92-unit project also located in Oakland, California.

CMFA issues $23,840,000 in Bonds to Inland Construction and Development Corporation for the Copper Square Apartments located in Lancaster, California

Feb 5, 2016

The Copper Square Apartments is an affordable multifamily new construction project that will consist of a 204-unit housing community located in Lancaster, California. The proposed Project will be constructed on a 13.6-acre portion of a 19.48-acre vacant parcel in central Lancaster. The remaining acreage is reserved for future phased development. The Project, which will consist of nine three-story residential buildings, a single-story clubhouse building and 396 parking spaces; will house 201 tenant units and three manager’s units. All tenant units will be income restricted: 21 units at 50% Area Median Income (“AMI”) and 180 units at 60% AMI. The financing of this project will result in the creation of 201 affordable apartments for the next 55 years in the City of Lancaster.

CMFA issues $20,000,000 in Bonds to Serra Catholic Grammar School in Rancho Santa Margarita, California

Feb 1, 2016

The Roman Catholic Bishop of Orange, working closely with parents, founded Orange County’s first and only tri-parish elementary school. This school, which was the first new Catholic elementary school in Orange County in 15 years, opened in the fall of 1995. The Bonds will be used for the acquisition, construction, renovation, improvement and equipping of certain educational facilities, including related administrative facilities, site improvements, and parking, located in the City, including but not limited to construction or renovation of facilities for classroom instruction in science, technology, engineering, arts and mathematics to be located on the Campus.

The CMFA issues $21,705,000 in Bonds to the Palo Alto Housing Corporation for the Colorado Park Apartments located in Palo Alto, California

Jan 21, 2016

Palo Alto’s community leaders recognized that the issue of affordable housing in the City of Palo Alto deserved attention. To address this concern, the City Council assisted in establishing the Palo Alto Housing Corporation (“PAHC”) in 1970 as a private non-profit agency.

The Colorado Park Apartments is an affordable multifamily acquisition/rehabilitation project that will consist of a seven-building, 60-unit garden walk up complex. Fifty-five apartment units will be restricted to residents with household incomes no greater than 50% and 60% of the Area Median Income. The financing of this project will result in the creation of 55 affordable apartments for the next 55 years in the City of Palo Alto.

CMFA issues $20,000,000 in Bonds to The Harker School located in San Jose, California

Dec 31, 2015

The Harker School is a private school in Silicon Valley that has earned international recognition for its top academics, quality teachers and student achievements. Founded in 1893 and educating 2,000 students, Harker is the largest independent school of its kind in California, serving families of preschool, elementary, middle and high school-aged children on its four San Jose campuses.

The proceeds of the Bonds will be used to finance the acquisition, construction and equipping of an approximately 33,000 square foot gymnasium facility and an approximately 46,000 square foot performing arts center on the School’s Upper School campus located at 500 Saratoga Avenue, San Jose, California.

The CMFA issues $7,000,000 in Bonds to the Cabrillo Economic Development Corporation for the Camino Esperanza Apartments located in Simi Valley, California

Dec 31, 2015

The Camino Esperanza Apartments is a new construction project of a 31-unit affordable multifamily rental housing facility located in Simi Valley, California. The vacant, undeveloped 2.61-acre site will have six single-story buildings of five one-bedroom apartments plus a separate building for the two-bedroom manager’s unit. Also included is a 1,324 sq. ft. community building for the tenants to gather, hold meetings and socialize using the kitchenette. The project will cater to adults with developmental disabilities. The units are restricted to households making 50% or less of area median income. The financing of this project will result in the creation of 31 affordable apartments for the next 55 years.

 

The CMFA issues $3,668,900 in Bonds to Cardenas Three, LLC based in Mira Loma, California

Dec 30, 2015

In 2012, Cardenas Three, LLC created Magnolia Foods, a manufacturer of corn and flour tortillas, as well as sopes and other related products. The proceeds of the Bonds will be used to make a loan to Cardenas Three to finance the costs of the acquisition and installation of new food processing equipment to be located at 11058 Philadelphia Avenue, Jurupa Valley, California. This equipment will allow Magnolia Foods the capacity to produce several thousand dozens of tortillas per hour. The equipment is to be owned and operated by Cardenas Three, LLC. The purchasing of new equipment will allow them to continue to grow which in turn will lead to the continued success and subsequent economic benefits to the public and their community.

The CMFA issues $25,544,000 in Bonds to the Peoples’ Self-Help Housing Corporation for the Villa La Esperanza Apartments located in Goleta, California

Dec 23, 2015

The Villa La Esperanza Apartments project is an acquisition/rehabilitation of an existing 75-unit project that will be creating eight additional units of affordable multifamily rental housing. The Project was constructed in 1970 and consists of 19 residential buildings, a community building, and 121 parking spaces. The project will include substantial rehabilitation that includes expansion of the community building and the conversion/addition of eight additional units. The rehabilitation aims to increase energy and water efficiency and will include a 20-year renewal of the HAP contract. This project was originally financed with a HUD 236 loan and 4% tax credits. Rents will be restricted to households with incomes no greater than 60% of the area median income.

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