Archive for the ‘News’ Category
Aug 5, 2014
Woodside Priory School is an independent, catholic, co-educational college preparatory day and boarding school in the Benedictine tradition. The School serves day students in grades six through twelve as well as boarding students in grades nine through twelve. The School encompasses 51 wooded acres and has over 40 buildings in Portola Valley, California – roughly 40 miles south of San Francisco and less than five miles from Stanford University.
Recently, Woodside Priory School secured tax-exempt financing through the CMFA. Proceeds of the bonds will be used to construct and equip a 10,000 square foot classroom facility to be known as Benedictine Square. The building will serve as a learning hub and for student activities.
Aug 5, 2014
Recently, Thomas Safran & Associates secured tax-exempt financing for the acquisition/ rehabilitation of an existing 6 story, 75-unit property. The project is known as William Penn Manor and is located in Whittier, CA. William Penn Manor contains both studio and 1 BR units that provides Section 8 Housing for seniors age 62 and older.
Proceeds from the tax-exempt financing will be used to finance needed renovations including updating appliances, building exterior and interior common areas and landscaping as necessary. The developer also plans on adding a business center/computer lab, picnic areas with barbecue grills, security cameras, a Service Coordinator, free Wi-Fi, and microwaves in each unit for the residents. This financing will preserve 74 units of at risk affordable housing for the City of Whittier for another 55 years.
Jul 28, 2014
The CMFA continues to give back to the communities in California by directing a portion of its issuance fees to charitable organizations. There were several non-profit 501(c)(3) organizations that received grants totaling over $130,000 from the California Foundations for Stronger Communities with funds donated by the CMFA. The deserving organizations include:
After School Boxing Program Together with the Oscar de la Hoya Foundation and Golden Boy Productions, the CFSC provided a grant that benefitted eight boxing gyms in Southern California serving endangered youths. Matched proceeds will be used to purchase needed equipment and programs that will get these kids off the streets and provide them with much needed positive reinforcement.
Gary Sinise Foundation serves active military personnel and veterans by creating and supporting programs designed to entertain, educate, inspire, strengthen and build communities. CFSC’s donation was restricted to support those programs serving California.
Good Neighbor Center, Inc. provides food and clothing to needy people in the Central Valley. Founded in 2000, the organization has served over 27,000 individuals.
Grandma’s House for Hope is a campus-model Housing Program offering transitional housing, emergency shelter services and rapid rehousing for women and children in need of shelter in Orange County. Women may be facing lengthy illnesses, domestic abuse or other issues that prevent them from being self-sufficient. In addition, the organization provides weekend and school vacation meals to kids relying on their school’s free lunch program for daily sustenance.
Volunteers of America – Mather Community Campus provides safe and secure housing for homeless residents. Their program is designed to build the skills necessary so their clients are able to build a stable lifestyle which includes a steady job and permanent housing.
Jul 3, 2014
Tri-Valley Learning Corporation (TVLC) operates four charter schools in the tri-valley region of Alameda County. Recently, the CMFA issued tax-exempt bonds for this borrower. Proceeds of the bonds will be used to finance the acquisition, improvement and equipping of a class A, multi-tenant office building in Livermore, CA. The 80,000 sf, two-story building will be converted into a state of the art educational facility. Upon completion, TVLC anticipates that the building will serve up to 1,200 students in the community.
Jun 30, 2014
Founded in 1963, Pitzer College is an independent co-educational, liberal arts science college offering a Bachelor of Arts degree with a curricular emphasis in the social and behavioral sciences. Pitzer was the first independent women’s college to open in the United States since Bennington College in 1932. Today, Pitzer is part of a unique educational environment known as The Claremont Colleges—a consortium of five undergraduate colleges and two graduate institutions.
Recently, Pitzer College selected the CMFA as Issuer for their tax-exempt bonds. Proceeds of the financing will be used to fund the completion of the college’s master plan. The college campus was constructed in the sixties. A recent inventory found that many of these educational buildings and student housing was in need of repair or renovation at a cost that neared the cost of new construction. Pitzer College’s Master Plan calls for a campus that includes seismically sound buildings that ensure academic initiatives are met while at the same time encouraged social interaction among students, faculty, administration and visitors to the campus. Proceeds from the 2014 financing will be used to repair and renovate existing buildings, fund the purchase of nearly 28 acres which will be used for future student residences, administration and educational buildings and pay for cost of issuance.
Jun 30, 2014
Established in 1887, by a group of Congregationalists who wanted to recreate on the West Coast “a college of the New England type,” one that would represent the very best of what they had experienced as students in the finest colleges of the Eastern and Midwestern United States. Instruction began on September 12, 1888, in a small, rented house in the city of Pomona. The following January, an unfinished hotel in nearby Claremont, along with adjacent land, was given to the College, which subsequently relocated there. Pomona College awarded its first diplomas to the Class of 1894. Today, Pomona College offers approximately 1,600 students, the personal experience of a small, academically superb liberal arts college and the breadth of resources normally associated with major universities.
Recently, the CMFA assisted Pomona College. The proceeds of the bonds will be loaned to Pomona College to finance the college’s educational and administrative facilities and to fund the construction of a new research and instruction building to be known as Millikan Laboratory and Andrew Science Hall. In addition proceeds will be used for the construction of a new sciences courtyard between the Millikan Laboratory and the Seeley G. Mudd Science Library and pay costs of issuance and certain interest with respect to the loan.
Jun 23, 2014
Wasatch Properties’ mission is to acquire undervalued properties, add value through rehabilitation and improvements and provide exemplary service to their residents, coworkers, business partners, suppliers and lenders. Wasatch recently worked with the CMFA on the acquisition and rehabilitation of the Peppertree Apartments project in the Spring Valley area of San Diego, CA.
The Peppertree Apartments is an existing market rate project with 103 units that will be converted to low-income housing units in the Spring Valley area of San Diego County. The Project consists of 88 one-bedroom and 15 two-bedroom units with 1 manager’s unit. A total of 11 units will be set aside for those seniors with incomes of 50% of area median income and the remaining 92 units will be available to seniors with incomes of 60% of the area median income. The site is located within a mixed-use urban neighborhood consisting of commercial, retail, and residential uses. Planned renovations will include new landscaping, energy efficient windows, landscaped common areas, upgraded community center, 24-hour emergency maintenance, and upgraded buildings systems. Residents will enjoy new flooring, kitchen cabinets, hardware, countertops and appliances in each unit.
Jun 23, 2014
Recently the CMFA assisted Touro University with a large restructuring benefitting several campuses within the Touro University network. Proceeds from the CMFA Revenue 2014 Bonds will refinance the costs of the construction of certain capital improvements at the University’s campus in Vallejo, California. The Mare Island campus is home to the school’s medical school. The 44-acre campus consists of six primary buildings and a number of auxiliary structures which house the medical school, small group instructional space and clinical training observation rooms.
Jun 23, 2014
TerraCorp. Property Management, the United Brotherhood of Carpenters and Joiners of America Local 925, Housing Sponsorship Corporation and the CMFA recently partnered on an acquisition rehabilitation project consisting of a 200 unit multifamily apartment community located in the City of Salinas, California. The Gabilan Plaza – Phase I & II were constructed in the early 1970’s. Both phases consist of 100 units with a mix of one, two and three-bedrooms.
Through the use of tax-exempt financing, the site will undergo extensive remodeling designed to improve accessibility, comfort and energy and water conservation. Residents will soon enjoy new cabinets, fixtures, appliances and replacement of flooring where needed. In addition, space will be created for a computer center in the community room and the shared outdoor living space will gain a gazebo, tot lot with new equipment and seating area. The financing will preserve 198 units of at risk affordable housing for the City of Salinas for another 55 years.
Jun 17, 2014
The CMFA continues to give back to the communities in California by directing a portion of its issuance fees to charitable organizations. There were several non-profit 501(c)(3) organizations that received grants of over $140,000 from the California Foundations for Stronger Communities with funds donated by the CMFA.
The deserving organizations include:
Boys & Girls Club of Coachella Valley is a network of full-service clubhouses, two boxing/athletic centers, and the Smilow Teen Center in Indio. This program serves thousands of teens every year.
Chapman College AmVet Legal Clinic provides pro bono legal representation to military personnel and veterans. They provide legal representation on issues ranging from Discharge Upgrades, Traumatic Service Group Life Insurance Appeals, VA Benefits Appeals, and issues arising under the Service Members Civil Relief Act.
Give Every Child a Chance provides that chance a child needs that can lead their success. Their community volunteers serve as academic mentors and tutors and to provide free assistance to struggling children.
Juneco Music Ministry produces a weekly half-hour radio program for kids designed to promote self-esteem, family values and life skills for children of all ages. The show covers a broad-range of topics pertinent to childhood including making friends at school, handling bullies on the playground, moving to a new town, and going to a new school- All while weaving fun music, jokes and games that keep everyone engaged.
Manteca CAPS Corporation aka Valley Caps is a leading Day Program for adults with developmental disabilities. Their program provides consumer-centered services which empowers their clients to achieve up to their full potential and beyond. Valley Caps’ clients then are able to maximize their quality of life according to their choices.
Operation Dignity has been providing emergency and transitional housing to homeless veterans and non-veterans since 1993. Today they are a veteran-run, service rich provider of nutritious meals, safe housing and other services to help their clients begin their rehabilitation process.
Hollenbeck Police Activity League provides kids with safe places throughout the community where children can play and learn safely during non-school hours. They provide meaningful, structured activities. PAL has been helping youth make positive changes in their lives by teaching them healthy lifestyle principles, providing them with positive role models, instilling in them the concept of teamwork and sportsmanship and provide them with opportunities become leaders.
San Francisco Senior Center is the oldest non-profit senior center in the nation. They provide a variety of services from daily, low-cost, nutritious meals, social services and case management, continuing education
Shelter from the Storm provides a wide range of services for adult and child victims of domestic violence. The Storm is the only dedicated provider of emergency and adjunctive services to victims of violent homes in Eastern Riverside County.
Toast Our Vets educates the general public on military issues our veterans face. Funds are also used to assist in the Veteran rehabilitation and reintegration with a focus of both physical and mental health.
Western Center on Law & Poverty leads the fight in the courts, counties and capital to secure housing, healthcare and a strong safety net for low-income Californians.
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