Archive for the ‘News’ Category
Feb 24, 2014
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.
Feb 24, 2014
Founded in 2006, Rockesthip Education is a national charter management organization that operates a network of high-performing charter elementary schools serving disadvantaged populations. Rocketship currently holds charters and operates nine elementary schools serving approximately 5,000 students in San Jose, California and one school in the state of Wisconsin.
The financing will assist in the expansion and improvement at three school sites which include Si Se Puede, Brilliant Minds and the Jackson Project. Upon completion, these schools will each serve up to 650 students in grades transitional kindergarten through the fifth grade. The three school sites are in the Alum Rock School District and operates in a distressed neighborhood as defined by the 2000 U.S. Census Survey.
Feb 5, 2014
The CMFA assisted in a large restructuring for Touro University. The project is part of a large restructuring benefitting several campuses within the Touro University network. Proceeds from the CMFA Revenue Bonds Series 2014 refinance costs associated with capital improvements completed at the Mare Island site located in Vallejo, CA. Touro’s Vallejo, CA campus houses a College of Osteopathic Medicine, a College of Pharmacy and a College of Education and Health Sciences.
Jan 23, 2014
For nearly 30 years Mercy Housing has been committed to developing affordable, program-enriched housing for low income families, seniors and people with special needs. Recently Mercy Housing selected the CMFA to partner with on their latest project in the busy bay area community of San Leandro, CA. The 116-unit apartment facility is located on 165th Street and provides affordable living for families with an area median income of 60% or less. Building improvements will include new kitchen cabinets, new painting throughout, improved lighting and ventilation in the bathrooms. The exterior will also receive a fresh coat of paint, asphalt paving, and landscaping. With the rehabilitation, the project will provide affordability for another 55 years in the City of San Leandro.
Jan 23, 2014
The City of Oxnard needed to improve emergency response time and reduce per station responses prompted immediate action. Unfortunately, the current economic climate prevented the city from committing the funds necessary to build a full service station themselves. Instead, the City of Oxnard turned to a public private partnership to help design, construct and build a station in Oxnard’s Central Park area. The nearly 14,000 sf station will be designed as a “headquarters” station and will house a fire engine, aerial ladder truck and a battalion chief response vehicle. Staffing for the station will include a fire battalion chief, two fire captains, two fire engineers and 3 firefighters to man the station and equipment. Through an RFP the city was able to locate an organization that would commit to providing a turnkey station and training facility in which the city lease will lease on a long term basis. The station’s design, acquisition and construction was financed through bonds issued by the California Municipal Finance Authority.
Jan 11, 2014
The CMFA recently assisted the Southeastern California Conference of Seventh Day Adventists (SCCSDA) by providing long term, low-cost financing for two of their schools. Long known for their ministrial program, SCCSDA also operates 25 schools and child development centers, Recently the CMFA assisted in the financing of two of their school campuses. Loma Linda Academy is a college preparatory school in Loma Linda, CA, Tax-exempt bond proceeds were used to remodel classrooms, the gymnasium, construct a new library, junior high school gymnasium and core campus building. Escondido Adventist Academy used bond proceeds to construct a new K-12 building which will house classrooms, computer and science laboratories, gymnasium, a multi-purpose room and administrative offices.
Jan 11, 2014
Recently the CMFA assisted Wasatch Group with tax-exempt financing. Proceeds from the low cost financing assisted with the acquisition and rehabilitation of Village Grove Apartments in Escondido, CA. Wasatch Group will convert the 161-unit complex from market rate apartments to much needed affordable units. Planned improvements include energy efficient windows, upgrades to common areas and community center and new landscaping. In addition, each unit will receive new flooring, kitchen cabinets, hardware, countertops and appliances.
Jan 10, 2014
Holly Courts Apartments in West Sacramento, CA provides affordable housing to 40 families. The project is conveniently located with easy access to downtown Sacramento. Built in 1996, Holly Courts is targeted for families with its centrally located play areas and a 1/2 basketball court and benches, picnic tables and a barbeque area. A common laundry facility and a community room for resident’s convenience and enjoyment is also on-site. Proceeds from CMFA’s tax-exempt bonds will allow LINC Housing to reinvigorate the property. LINC plans on replacing the building siding and installing a new roofing system. Residents will soon appreciate their lower energy and water bills when LINC completes improvements designed for energy efficiency and water conservation. Two of the units will also be made ADA compliant with replacement of hardward and modified cabinetry to ensure adaptability.
Jan 10, 2014
Calden Avenue Apartments is a planned 216 unit apartment complex located in the City of Southgate, CA. Proceeds from CMFA’s tax-exempt financing will allow Pacific West to construct the 5-story building rising over resident parking. The family-oriented complex will be income restricted and have two community centers, play area and outdoor patios and open space for its residents.
Jan 10, 2014
Resident Owned Parks, Inc. (ROP) has a 30 year history of owning and operating mobile home parks designed to preserve affordability for its residents. Recently, the CMFA assisted ROP with the refinancing of their Windor Mobile Country Club facility. Sonoma County low-income residents have been espeically hard hit with the recent loss of seven affordable mobile home parks. The financing protects 239 residents by maintaining their affordable rents.
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