Archive for the ‘News’ Category
Oct 13, 2014
Urban Discovery Academy operates a charter school serving K through 8thgrade. Their program curriculum is grounded in the idea that children learn through real-life interactions. The School uses a project-based method of learning to educate students to become critical thinkers and problem solvers while developing the knowledge and resourcefulness essential for success in 21st-century urban America. Their program is also a multi-lingual which will provide students a deeper understanding of the world’s cultures and with greater opportunities in their life and careers.
Recently the CMFA provided tax-exempt bond financing which will allow the school to relocate to downtown’s East Village. The new site is owned by the San Diego Community College District. Urban Discovery School has negotiated a 99 year lease. Proceeds of the bonds will be used to renovate and equip their new educational facility.
Oct 13, 2014
Whittier College is a cosmopolitan vanguard of 21st century society, recognized worldwide as a distinctive and relevant liberal arts college, offering additional graduate degrees in both education and law. More than 40 percent of Whittier College undergraduates, and three of its four Rhodes Scholars, are from underrepresented ethnic and international groups; this kind of cultural diversity, which permeates both classroom and campus community, profoundly strengthens intellectual discourse and provides a realistic exposure to the kind of world students will enter upon graduation.
Recently, the CMFA issued tax exempt bonds for the college. In addition to refunding the college’s variable rate bonds, proceeds were used to fund the construction and equipping of a new residence hall, a science and learning center, the completion of adjacent site work, building access, connections to public utilities, environmental assessment and an ADA compliant pathway in connecting the site of other areas of the campus and allowed for the completion of upgrades to the electrical distribution system.
Oct 13, 2014
Sycamore Academy of Science and Cultural Arts was founded in 2009 by Ronald Reagan Charter School Alliance. Its mission is to prepare a diverse K-6 student population for secondary education, college, careers and global citizenship. Staff provides each child with the knowledge, critical skills, and fundamental dispositions to become a self-motivated, competent, lifelong learner.
Recently the CMFA partnered with Ronald Reagan Charter School Alliance to help facilitate the acquisition, construction and equipping of a new school site benefitting Sycamore Academy of Science and Cultural Arts. The new school site will be located at 23151 Palomar Street in the City of Wildomar, CA.
Oct 3, 2014
Little Brothers Bakery is a manufacturer of breads, dinner rolls, cinnamon rolls, croissants and other baked goods. Their bakery goods are generally sold the store’s private label bakery products and is found in most Southern California grocery store including Trader Joe’s, Ralph’s, State Bros., Smart & Final and Food for Less. In addition, The Company sells to institutional clients like school districts, prisons and other the cafeteria operations.
Recently, the CMFA partnered with a national lender to secure bond financing for this manufacturer. Proceeds from the bonds were used for the acquisition and installation of a new automated bread and roll processing line complete with inline conveyor proofing and a 100 foot tunnel oven. The automated baking equipment will allow the company to expand their business and hire additional employees.
Oct 3, 2014
be.group is one of the country’s largest nonprofit providers of senior living communities. Founded in 1955 the organization is dedicated to making their 36 communities conducive to helping older adults continue to lead rich, purposeful lives.
be.group recently partnered with the CMFA on Royal Vista Terrace Apartments located in Duarte, California. Proceeds from the tax exempt bonds will be used to acquire and rehabilitate the 75 unit senior housing apartment complex. Each unit will enjoy private patios and balconies. The planned rehabilitation includes modernization of elevator equipment components and cab interiors, new HVAC systems in key common areas; roofing including new membrane systems and asphalt shingles; energy efficiency upgrades, new dual glazed low-e windows, and exterior painting, waterproofing and balcony deck coating.
Oct 3, 2014
Recently, the CMFA assisted MidPen Housing with the Sharmon Palms Lane Apartments project. It is an acquisition/ rehabilitation of a 60-unit affordable multifamily rental housing facility located in the Silicon Valley in Campbell, California. The project combines two existing properties, Sharmon Palms and The Palms both in need of rehabilitation. Out of the 60 units, 59 will be restricted to households with incomes no greater than 50-60% of the area median income. The financing of this project will result in the preservation of affordable for 59 apartments for an additional 55 years.
Sep 8, 2014
The CMFA continues to give back to the communities in California by directing a portion of its issuance fees to charitable organizations. The following 10 non-profit 501(c)(3) organizations received a total of $117,500 in grants from the California Foundation for Stronger Communities with funds donated by the CMFA:
Bill Wilson Center, Inc. is committed to work with the community to ensure that every youth has access to the range of services needed to grow to be healthy and self-sufficient adults. Their services include housing, education, counseling and advocacy. This organization has been providing needed services to runaway and homeless youths of Santa Clara County since 1973.
Futures Explored provides life skills and work-related training to adults with developmental disabilities located in Lafayette, Antioch, Concord, Brentwood, Livermore, Davis and Sacramento.
The Gary Center has been providing needed services for over 42 years. The organization offers a variety of programs designed to serve the behavioral and oral health needs of Orange County and surrounding communities.
Oak Grove Institute Foundation serves those who suffer from physical and/or sexual or emotional abuse, neglect or other traumas.
Poverello House serves San Joaquin Valley residents who are homeless, hungry, alone or sick. Poverello House leverages the resources available to serve all in need.
Rob Dyrdek Foundation creates smaller, non-invasive authentic street spots for skateboarders to use.
Second Harvest Food Bank of San Joaquin & Stanislaus Counties helps over 35,000 individuals each month throughout San Joaquin and Stanislaus Counties. The organization partners with other nonprofits in the community to distribute over one million pounds of food each month.
Wildlife Care Association is an independent, volunteer-based association in Sacramento designed to care and rehabilitate injured wildlife.
Women’s Center – Youth & Family Service provides shelter and services to runaway youth and victims of domestic violence and sexual assault in San Joaquin County.
Youth Connections Unlimited offers preventive and follow-up programs for “at-risk” and “high-risk” youths in Sacramento County.
Sep 4, 2014
Located in the heart of Silicon Valley, Kehillah Jewish High School is a growing independent college preparatory secondary school. Recently, the CMFA completed a tax-exempt financing for the private school. Proceeds will be used to provide long-term financing of the school’s 50,000 square foot facility includes 27 classrooms, state-of-the-art science labs, computer labs, art studio, music studio, library, sanctuary, assembly room/cafeteria and “black box” theater.
Aug 19, 2014
Chelsea Investments and the CMFA recently partnered on a tax-exempt financing for a senior affordable housing project. Proceeds of the bonds will assist in the construction of a 61-unit (plus one manager’s unit) apartment building known as Mill Creek Courtyard Apartments in the City of Bakersfield. Construction is scheduled to begin within the next 30 to 45 days. The 61-unit project is targeted for seniors aged 55 years or older with incomes of 50% to 60% of Area Media Income. The 3-story building will offer residents a common community kitchen, computer room, community gardens, green space, and secure covered parking. Chelsea Investments anticipates that the one and two-bedroom units will be ready for occupancy in early 2015.
Aug 19, 2014
Recently the CMFA assisted Irvine-based Jamboree Housing with the acquisition and rehabilitation of the Monument Arms Apartments. The project is located at 261 Alaska Avenue, Fairfield, California and serves families earning up to 60% of Area Median Income. The tax-exempt bonds will allow for the renovation of the 14 two-story garden style apartment buildings. Bond proceeds will be spent on renovating each of the units including installing new kitchen cabinets, countertops. In addition each of the 14 buildings will receive fresh paint, new roofs and energy efficient features that will result in a 10% reduction of energy usage overall. The acquisition and rehabilitation of this project will provide 92 families with affordable housing in Solano County for another 55 years.
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