Jul 24, 2017
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 $4,089,958 in residential PACE bonds in July
Jul 14, 2017
The CMFA continues to give back to the communities in California by directing a portion of its issuance fees to charitable organizations. Twenty-seven 501(c)(3) organizations received $132,400 total in contributions from the California Foundation for Stronger Communities with funds donated by the CMFA.
The 27 well-deserving organizations include:
Orange County Mentors for Youth
Helping Hands Youth Facility
Crisis House
A Step Beyond
North Star Family Center
Golden State Family Services, Inc.
Pathway Family Services, Inc.
Therapy Center Inc.
Desert Haven Enterprises
East Los Angeles Women’s Center
Mendota Health Center
Us for Warriors Foundation
Veterans Association of North County
United Health Centers Foundation
Community Group Ministries
Breaking the Cycle Treatment Program
Workshops for Warriors
Hope Sanger
Selma Arts Foundation
Shafter Symphony Orchestra
Abrazo Foster Family Agency
Alternatives to Violence
Caring Choices Inc.
Challenges for Youth
Community Assistance League
Contra Costa Kops for Kids
Little League Baseball, Inc. – Willows
Jul 13, 2017
The Heritage Villas Apartments is an acquisition/rehabilitation project consisting of a 143-unit multifamily rental housing project. The project is located at 26836 Oso Parkway, in the City of Mission Viejo, California. The project will involve the rehabilitation of the existing structures. Rehabilitation will include updating the interior units as well as renovating the exterior of the buildings. The units will be restricted to households with incomes no more than 50% to 60% of the area median income. The financing of this project will result in continuing to provide affordable housing for 141 households in the City of Mission Viejo for another 55 years.
Jul 12, 2017
St. John’s Well Child and Family Center, Inc., is using the proceeds of the issuance to refund the outstanding California Municipal Finance Authority Insured Revenue Bonds (St. John’s Well Child and Family Center, Inc.), Series 2011, currently outstanding in the principal amount of $5,010,000, the proceeds of which were used to prepay a fixed rate, taxable bank loan obtained from City National Bank, incurred in connection with the acquisition of facilities located at 5701 and 5801 South Hoover Street, and 818, 834, and 840 West 58th Street, Los Angeles, California, and to prepay two variable rate, taxable bank loans obtained from Bank of America, N.A., and to pay a related swap termination fee, also incurred in connection with the acquisition of the Project.
Jul 11, 2017
The proceeds of the Bonds will be used for the purpose of 1) refinancing the Borrower’s outstanding obligations under the Master Loan Agreement, dated as of June 1, 2011, by and among First Republic Bank, the Authority and the Borrower, the proceeds of which were used to refinance a portion of the cost of the acquisition, construction, renovation, remodeling, expansion and equipping of educational facilities on approximately 6.27 acres of real property located at 7 Pursuit, Aliso Viejo, California 92656, consisting of classrooms, gymnasium, science labs and related educational facilities; and (2) financing the cost of acquisition, construction, development, renovation, remodeling, expansion and equipping of additional educational facilities at the Property, including, but not limited to, enhanced outdoor spaces, a fully operational commercial kitchen to provide daily lunch and snacks for students and faculty, improvements to classrooms and the construction of a two-story modular classroom facility.
Jul 6, 2017
The Borrower expects to use the proceeds of the Bonds to: (1) refinance the costs of the acquisition, construction and equipping of certain health care capital improvements at the Eisenhower George and Julia Argyros Health Center, a 93,000 square feet outpatient care, imaging/laboratory, wellness and physician office center, located at 45280 Seeley Drive, La Quinta, California 92253; and on and adjacent to the campus of Eisenhower Medical Center, located at 39000 Bob Hope Drive, Rancho Mirage, California 92270, including a 313-bed acute care hospital and the 248-bed Walter and Leonore Annenberg Pavilion (combined, the “Project”); and (2) pay various transaction costs, issuance costs other costs related to the Bonds.
Jun 29, 2017
The Borrower expects to use the proceeds of the Bonds to: (1) refinance the costs of the acquisition, construction and equipping of certain health care capital improvements at the Eisenhower George and Julia Argyros Health Center, a 93,000 square feet outpatient care, imaging/laboratory, wellness and physician office center, located at 45280 Seeley Drive, La Quinta, California 92253; and on and adjacent to the campus of Eisenhower Medical Center, located at 39000 Bob Hope Drive, Rancho Mirage, California 92270, including a 313-bed acute care hospital and the 248-bed Walter and Leonore Annenberg Pavilion (combined, the “Project”); and (2) pay various transaction costs, issuance costs other costs related to the Bonds.
Jun 29, 2017
The proceeds of the Bonds will be used to: (1) refund the Authority’s outstanding Mobile Home Park Refunding Revenue Bonds (Windsor Mobile Country Club), Series 2013A and its outstanding Mobile Home Park Taxable Refunding Revenue Bonds (Windsor Mobile Home Park), Series 2013C (collectively, the “2013 Bonds”); and (2) pay certain expenses incurred in connection with the issuance of the Bonds. The proceeds of the 2013 Bonds were used to make a loan to ROP WMCC LLC, a California limited liability company (the “Borrower”) to enable the Borrower to acquire and establish certain reserves for the Windsor Mobile Country Club, a 336-space mobile home park located at 8109 Conde Lane in Windsor, California currently operated by Resident Owned Parks, Inc., a California nonprofit public benefit corporation. A number of the spaces in the mobile home park are rented to persons and families of low or very low income.
Jun 27, 2017
The Mission Court Senior Apartments is a 90-unit residential development for very low and extremely low income seniors located in the Warm Springs/South Fremont area of Fremont, CA. The project is located on a 2.25-acre site on the corner of Warren Avenue and Mission Falls Court and represents the inclusionary component of a broader master-planned community which will include approximately 500 units of senior residential housing and other senior focused amenities such as senior community center.
The affordable housing community will serve seniors who earn between 30% and 50% of the Area Median Income (AMI). The project features 89 one- and two-bedroom units for seniors and 1 two-bedroom resident manager’s unit. 44 of the units will be financed using 4% bond financing and the remaining 46 units will be financed using 9% financing. This financing will create 43 units of affordable housing for the City of Freemont for 55 years.
Jun 27, 2017
The CMFA issued $12,500,000 in tax-exempt bonds for the construction of a new affordable housing project.
The Newark Station Seniors Apartments is a new construction of a 75-unit affordable senior housing development. The project will consist of a single 4-story building with surface parking. The grounds will include a clubhouse, computer center and laundry facility. The project accommodates senior families with unit sizes of one- and two-bedrooms located at 37433 Willow Street, Newark, CA. The project will include energy efficiency, common area amenities and resident services. This financing will create 75 units of affordable senior housing for the City of Newark for 55 years.