Archive for the ‘News’ Category
Sep 21, 2018
The One Church Street Apartments project is an acquisition/rehabilitation of a 93-unit multi-family affordable housing project that was completed in 2002 by BRIDGE Housing for residents earning between 50% and 60% of area median income. The property is centrally located in San Francisco in the amenity-rich Duboce Triangle neighborhood. The project site is approximately 1.3 acres and occupies an entire city block bounded by Hermann Street to the north, Church Street to the west, Webster Street to the east, and Duboce Avenue to the south. The project consists of two buildings of 4-5 stories of wood frame connected by a landscaped courtyard built atop a concrete podium garage containing 94 parking spaces. The exterior walls are comprised of painted stucco. Residents enjoy several amenities in the building in addition to the landscaped courtyard, including a community room and laundry rooms on each floor. The building includes one-, two, and three-bedroom units and is serviced by two elevators. This financing will create 92 units of affordable housing for the City of San Francisco for 55 years.
Sep 14, 2018
The CMFA continues to give back to the communities in California by directing a portion of its issuance fees to charitable organizations. Project R.I.D.E. received a total of $20,000 in contributions from the California Foundation for Stronger Communities with funds donated by the CMFA.
Sep 13, 2018
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 another $4,875,998 in residential PACE bonds today.
Sep 5, 2018
The Kensington Campus Apartments project is the new construction of a 51-unit affordable multi-family housing development for the chronically homeless. The project is to be located on land that is currently vacant, located at the corner of Avenue I and 32nd Street in Lancaster, California. The development will consist of 51 one-bedroom units. Rents will be restricted to households making less than 30% of AMI. The units will range in size from 500 to 965 square feet and will consist entirely of 1-bedroom units. The project will be located close to public transportation, retail marketplaces and public schools. The financing of this project will result in the creation 50 affordable apartments in the City of Lancaster for the next 55 years.
Aug 31, 2018
The CMFA continues to give back to the communities in California by directing a portion of its issuance fees to charitable organizations. Seven 501(c)(3) organizations received a total of $230,000 in contributions from the California Foundation for Stronger Communities with funds donated by the CMFA.
The 7 well-deserving organizations include:
Grandma’s House of Hope
My Safe Harbor, Inc.
Amazing Surf Adventures
Oscar De La Hoya Foundation
American Family Housing
Shasta Regional Community Foundation, restricted to the Community Disaster Relief Fund
United Way of Northern California, restricted to the Shasta County Fire Relief Fund
Aug 31, 2018
Arroyo Del Camino II Apartments is a new construction project located in Avenal on a 2.04-acre site. The project consists of 36 restricted rental units. The project will have 24 two-bedroom units and 12 three-bedroom units. The buildings will be two-story garden style apartments and the type of construction will be wood frame supported by perimeter foundations with concrete slab flooring. Common amenities include a children’s playground, covered picnic area and a centralized open space. The project will share a large community building with Arroyo Del Camino Phase I. The building includes an office, computer learning center, laundry facilities, community room and a kitchen. Each unit will have a refrigerator, dishwasher, garbage disposal, range with oven, covered patio or balcony with storage and washer/dryer hook-ups. Covered parking spaces will be provided. The construction is expected to begin in August 2018 and be completed in August 2019.This development will provide the City of Avenal with 36 much needed units of affordable housing for the next 55 years.
Aug 31, 2018
The Cobblestone Village Apartments project is the acquisition/rehabilitation of a multi-family housing development located at 360 E. Washington Avenue in Escondido, CA. The project consists of 43 restricted rental units and 1 restricted manager unit. The project has 44 three-bedroom units. The renovations will include building exterior and interior upgrades. Building exterior renovations will consist of reroofing and a fresh coat of paint. Individual apartment units will be updated with replacement of countertops and cabinetry, replacement of flooring and windows, new refrigerators, ranges, range hoods and dishwashers. Lastly, common onsite area renovations will consist of parking lot upgrades, site fencing, playground improvements and replacing/upgrading building systems as necessary. This financing will preserve 44 units of affordable housing in the City of Escondido for the next 55 years.
Aug 30, 2018
The proceeds of the Series 2018 Bonds will be used for (i) the acquisition of an approximately 1.4-acre site located in the unincorporated territory of County of El Dorado and the existing improvements thereon, including an approximately 80,000 square-foot building and the improvement of the site and the building and the acquisition and installation of fixtures, furniture and equipment for public charter school use; (ii) capitalized interest, if necessary, with respect to the Bonds; (iii) a reserve fund, if necessary, with respect to the Bonds; and (iv) certain expenses incurred in connection with the issuance of the Bonds, including any applicable credit enhancement costs for the Bonds.
Aug 29, 2018
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 another $4,879,181 in residential PACE bonds today.
Aug 23, 2018
The Monterey Gateway Apartment project is the new construction of a 75-unit affordable multi-family apartment project. The project will be located on Monterey Rd, Gilroy, California. The project will be made up of 60 one-bedroom units and 15 two-bedroom units. Amenities will include a community room, laundry facilities, fitness center, picnic areas, pool/jacuzzi, community garden, meeting rooms, therapy rooms and central heat/cool. Rents will be restricted to senior households with incomes no greater than 50% through 60% of the area median income. This financing will create 74 units of affordable housing in the City of Gilroy for the next 55 years.
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