Cabrillo Economic Development Corp Chooses the CMFA for their Villa Solimar and Cypress Court Projects
Cabrillo Economic Development Corporation (CEDC) is the leading non-profit affordable housing producer in Ventura County. Recently, the CMFA assisted CEDC wthe the acquisition and rehabilitation of the Villa Solimar and Cypress Court projects. The two existing multifamily complexes have a total of 35 units serving Ventura County, California. The Villa Solimar Apartments targets general occupancy households at 50 percent of AMI, and consists of 32 three-bedroom units in townhome style buildings. The Cypress Court complex targets individuals with a mental illness at 50 to 60 percent of AMI, and consists of two duplex units; 2 one-bedroom units and 2 two-bedroom units. Both sites are within close proximity of public transportation, retail, recreational parks and public schools. The scope of the rehabilitation for both sites consists of exterior and interior painting, flooring, kitchen upgrades including lighting, cabinets and countertops, parking lot paving, and energy efficiency improvements to the windows and HVAC system. Through their use of tax-exempt financing issued by the CMFA these units will remain affordable for many years.