Author Archive
Jun 23, 2017
The CMFA continues to give back to the communities in California by directing a portion of its issuance fees to charitable organizations. Six 501(c)(3) organizations received $100,000 total in contributions from the California Foundation for Stronger Communities with funds donated by the CMFA.
The 6 well-deserving organizations include:
Breast and GYN Health Project
Claddagh Fund Charities Inc., restricted to Veterans Housing.
Local Indians for Education
Operation Safe House Inc.
Stanford Youth Solutions
Westside Domestic Violence Shelter
Jun 20, 2017
The 3706 San Pablo Apartments is a new construction project located at 3706 San Pablo Avenue, Emeryville, CA. The project is located on the border of the City of Emeryville and the City of Oakland. The project will have 86 units, with one to four bedroom units, serving as permanent housing for individuals and families. The project will be restricted to households earning 60% or less of Area Median Income. On-site amenities will include property management, community open space, play area, Zen garden, sky deck, computer lab, on-site service coordinator, and employment assistance. This financing will create 86 units of affordable housing for low-income households in the City of Emeryville and the City of Oakland for 55 years.
Jun 16, 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 $3,805,672 in residential PACE bonds
Jun 16, 2017
The CMFA issues $3,764,973 in tax-exempt bond proceeds for the South Fulton Village Apartments. The project is an acquisition/rehabilitation of an existing 280-unit senior housing project that houses seniors 55 years and older. South Fulton Village is made up of 1 and 2-bedroom units, each with a patio/balcony and air conditioning. The project will include substantial rehabilitation of each unit as well as rehabilitation to the community room and shared facilities. The rehabilitation aims to increase energy and water efficiency and will include a 20-year renewal of the HAP contract. Rents will be restricted to senior households with incomes no greater than 50% of the area median income. This project is located at 10829 Fulton Wes Avenue, Santa Fe Springs, California.
Jun 16, 2017
The CMFA issued $25,691,304 in tax-exempt bond financing. The proceeds of the Bonds will be used for the acquisition and rehabilitation of the Park Place Apartments.
The Park Place Apartments is a 112-unit affordable multifamily housing project. The property was built in 1971 and is suffering from deferred maintenance due to its age. The property is located within a residential area with shipping and transportation close by. Among the improvements to the property will be significant upgrades to the accessibility features in and outside the building. Sustainable and “green” materials will be incorporated into the rehab scope providing beneficial cost savings to the property’s operating costs and a reduction in environmental pollution. This financing will help preserve high quality affordable housing for 112 family households in the City of Morgan Hill for another 55 years.
Jun 15, 2017
The CMFA issued $25,297,039 in tax-exempt bonds for MRK Partners to finance the acquisition and rehabilitation of Deliverance Temple Apartments.
The Deliverance Temple Apartments is an acquisition/rehabilitation of an existing affordable housing multifamily project. The project is an 82-unit multifamily residential rental facility, located at 4312 Potrero Avenue, Richmond, CA. The project was built in the 1970’s and consists of nine buildings on two separate sites located ½ mile from each other. Due to the age and condition of the project, it is in need of substantial rehabilitation. Amenities will include laundry, common area seating, access to public transportation, parking, and onsite management. Services to be provided include educational services and children lunches. This financing will preserve a much needed 82 units of affordable housing for the City of Richmond for another 55 years.
Jun 1, 2017
The proceeds of the Bonds will be used by SAHA for the construction of, The Valley View Senior Housing Apartments, a 70-unit affordable multi-family housing development consisting of both apartments and cottage-style units. The project will be affordable to low and very low-income seniors aged 55+. Residents will enjoy a beautifully landscaped community that incorporates the highest standards of green building and sustainable design as well as a robust selection of on-site services and activities to support wellness, independent living, and aging-in-place. The proposed development includes 58 one-bedroom, one-story cottages arranged into three clusters. The site plan also features a two-story building of stacked flats that includes 8 one-bedroom units and 4 two-bedroom units. This financing will create 69 units of affordable housing for the senior households in the City of American Canyon for another 55 years.
May 31, 2017
The proceeds of the Bonds will be used to: (i) refinance all or a portion of certain outstanding debt obligations that originally financed and refinanced the acquisition, construction, equipping and furnishing of facilities, including a clinic, meeting and office space and a parking garage, owned and operated by the Borrower, in connection with the provision of health care and other support services for low-income, frail older adults, and (ii) pay certain expenses incurred in connection with the issuance of the Bonds.
May 31, 2017
The South Fulton Village Apartments project is an acquisition/rehabilitation of an existing 280-unit senior housing project that houses seniors 55 years and older. The project will include substantial rehabilitation of each unit as well as rehabilitation to the community room and shared facilities. The rehabilitation aims to increase energy and water efficiency and will include a 20-year renewal of the HAP contract. Rents will be restricted to senior households with incomes no greater than 50% of the area median income. This project is located at 10829 Fulton Wes Avenue, Santa Fe Springs, California.
May 26, 2017
Providence Health & Services requested that the CMFA issue $7,440,000 in tax-exempt bonds for the construction of the Providence House Oakland Apartments. The Providence House Oakland Apartments is an existing 41-unit affordable multi-family housing development project located at 540 23rd Street, Oakland, CA 94612. The project’s 40 units of affordable housing serve individuals with a diagnosed mental or physical disability. There are additional preferences for housing individuals with HIV/AIDS and homeless households. All units are restricted to households making 50% & 60% of AMI or less. Rehabilitation will include energy efficiency upgrades, select interior and exterior repairs and replacements, front entry area will be reconfigured, additional security cameras and common areas will be reconfigured. This financing will preserve 40 units of affordable housing for the City of Oakland for 55 years.
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