Archive for the ‘News’ Category
Jun 9, 2014
The Caritas Corporation is a nonprofit whose mission and purpose is to provide and maintain quality, affordable housing for persons of low income and means, focusing on manufactured home parks. The CMFA recently issued tax-exempt debt that assisted in the acquisition and improvement of three mobile home parks located in Northern and Southern California. In addition, proceeds were used to refund existing bonds that were issued in 2003 and 2005 for the acquisition and improvement of six locations in the Cities of Lancaster, Brea, Vista and Rohnert Park. A total of 1,730 mobile home sites were preserved for low income residents through this financing.
Jun 9, 2014
The Vitus Group is a developer of smart affordable housing and a catalyst for community revitalization. They work with public and private sector partners to develop quality projects that strengthen neighborhoods and provide housing that families and individuals can feel proud to call home.
Recently, the CMFA assisted the Vitus Group with 615 Manhattan (formally known as Christ Unity Manor Apartments). The acquisition/ rehabilitation project involves a 12-story building conveniently located near the heart of the city. All 156 units consists of one bedroom and is designed for people who earn at or below 50% and 60% of the area median income. Units have private patios and balconies and the building includes a common area, outdoor courtyard, common laundry facilities and community facilities. Rehabilitation of project will focus on the building envelope with replacement of the roof and all exterior windows. Residents will enjoy kitchen upgrades in all 156 units including fixtures, appliances, cabinets and granite countertops. Kitchen and bath flooring will also be replaced. The common areas and community room will also receive a makeover with new cabinets, counters, appliances and flooring where needed .The acquisition/ rehabilitation of this project will continue to provide housing for 156 people for another 55 years.
May 19, 2014
Established in 1965, Maranatha High School is a not-for-profit, college preparatory high school, located in Pasadena, California. Maranatha High School provides an exceptional education for students desiring an opportunity to be fully equipped to pursue higher education. The school’s outstanding faculty provides a rigorous college preparatory curriculum, which cultivates within each student the knowledge and skills necessary for a successful college career. The School’s campus resides on 11 picturesque acres adjacent to Old Town Pasadena. The campus’ primary facilities include the Academic Center, the Student Center, the Athletic Center, and a state-of-the-art Athletic Field. Proceeds from the financing will be used to refinance existing bonds and finance improvements to be completed on their original campus.
May 19, 2014
Recently the CMFA partnered with developer Pacific West Communities, Inc. to provide tax-exempt financing for the construction of a 49 unit affordable senior housing project to be called Willows Senior Apartments. Located in Northern California’s Glenn County, the City of Willows has just a small handful of affordable options for seniors. The 49 unit project will target seniors with earnings up to 45% of area median income. The developer has planned for two buildings consisting of 39 one-bedroom units, nine two-bedroom units and one Manager’s suite. Included in the plan are three handicap accessible units for disabled seniors. Residents will soon enjoy the project’s amenities including a community garden, covered picnic area, and community center with computer center and exercise room. In addition, residents will be able to swim in an on-site swimming pool or relax in the hot tub.
May 12, 2014
Established in 1902 Point Loma Nazarene University is a Christian liberal arts university. Located in San Diego, California, Point Loma Nazarene University offers more than 60 undergraduate areas of study for roughly 2,400 undergraduate students. The school’s graduate program’s offers graduate degrees in business, education, nursing and theology with current enrollment at approximately 1,100 graduate students.
Recently, Point Loma Nazarene University selected the California Municipal Finance Authority to complete the refunding of their Variable Rate 2008 Bonds and assist in the financing of the construction, improvement and equipping of their existing campus and the expansion of the school’s new science complex.
May 5, 2014
Built on former agricultural land along Main Street in downtown Half Moon Bay, Main Street Park consists of 36 affordable family units. Originally constructed in 1996, MidPen Housing sought the help of the CMFA when it came time to restructure and rehabilitate the property to its former glory. Main Street Park maintains the charming, small-town feel of Main Street with front porches and traditional coastal architectural details like “shiplap” siding. At the center of the site is a small public park with a play structure and open space. The rehabilitation will include replacement of siding, windows, stair railings and window trim, site lighting and upgrades to older furnaces and hot water heaters in order to improve energy performance. The use of tax-exempt bond financing will ensure that low-income families in Half Moon Bay, CA will have affordable housing for the next 55 years.
May 5, 2014
Strawberry Creek Lodge was originally developed in 1962 and holds a community of 150 senior households active in the Berkeley community. Satellite Affordable Housing Associates (SAHA) has partnered with the CMFA to refinance and remodel the Lodge. SAHA has planned seismic and building upgrades, common space upgrades, energy efficiency upgrades and ADA upgrades to accommodate their senior residents. SAHA will also provide property management services and will include instructor led educational, health and wellness services, as well as provides an on-site service coordinator. The rehabilitation of this project will provide affordable housing for seniors for another 55 years in the City of Berkeley.
Apr 28, 2014
Recently, the CMFA and Affirmed partnered on a $6,400,000 tax-exempt financing for Sonoma Court Apartments in Escondido, CA. Proceeds from the financing were used for the acquisition and rehabilitation of an existing 61-unit development.
Originally constructed in 1978, the 61-unit project will undergo significant rehabilitation including seismic retrofitting, improvement of outdoor drainage, fencing, interior sidewalk replacement, installation of a new roof, building siding and stucco. Installation of solar panels are planned to reduce energy costs. Residents will enjoy new flooring, cabinets, fixtures, bathtubs and water heaters. Affirmed Housing Group’s use of tax-exempt financing will ensure that low-income residents in Escondido, CA will have affordable housing for the next 55 years.
Apr 22, 2014
Eden Housing recently partnered with the CMFA on the acquisition/rehabilitation of a 50 unit, three-story building known as Montgomery Plaza Senior Apartment located in the City of Hayward. With the financing, Eden Housing will commence improving the building’s overall envelope by replacing all windows and sliding doors with modern double glazed vinyl windows. In addition, the roof will also be replaced. Each of the 50 units includes one bedroom, one bath and a private patio/balcony. The senior residents will enjoy improved access with ADA upgrades to all common areas, deck repair, resurfaced counters and new sinks and faucets, flooring, carpet, and the creation of a small service coordination office. This financing will preserve affordable senior housing in the city of Hayward for the next 55 years.
Apr 22, 2014
Washington Township Health Care District serves the medical needs of residents in southern Alameda County. The district operates the Washington Hospital Healthcare System which consists of Washington Hospital, a 389 bed acute care hospital located in Fremont, California, three primary care outpatient clinics, an outpatient surgery center, an outpatient rehabilitation center, a radiation oncology center, a lymphedema clinic, a center for wound care and hyperbaric medicine, and an outpatient diabetes center. The healthcare organization recently turned to the CMFA when it came time to restructure their long term financing. Proceeds from the financing will assist in the completion of seismic retrofitting, improve patient care, expanding emergency, critical care and provide the latest lifesaving medical technologies and facilities.
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