Archive for the ‘News’ Category
Dec 16, 2013
The be.group recently partnered with the California Municipal Finance Authority on a tax-exempt financing. Proceeds will be used to construct an affordable housing complex that will be home to 42 seniors in the City of Duarte. The four-story wood framed building will be constructed using Green Building Standards. The be.groups hopes that by using these standards, the building will achieve a LEED certified level and future residents will enjoy lower energy costs. Upon completion the units will be restricted to tenants 62 years or older with incomes no greater than 50% of the area median income. The be.group is committed to providing superior-quality communities and services for seniors of all backgrounds, ethnicities and spiritual beliefs.
Dec 16, 2013
The California Municipal Finance Authority recently closed a tax-exempt financing for Oaks Christian School located in Westlake Village, California. Proceeds from the financing will be used to upgrade and expand the library, and improve and renovate existing athletic facilities. Also part of the financing is the addition of solar electricity panels that will reduce the school’s energy costs.The CMFA also refinanced existing long term tax-exempt financing as part of the project. Founded in 2000, Oaks Christian School serves 1,400 students in grades 6-12.
Dec 16, 2013
Claremont McKenna College is a highly selective, independent, co-educational undergraduate liberal arts college located in Claremont, California. As part of the seven Claremont institutions, Claremont McKenna College educates its students and prepares them for thoughtful, productive lives and responsible leadership in business, government and other professions.
Proceeds from the tax-exempt financing will fund campus improvements that are part of the school’s master plan that were carefully designed to meet the college’s future programmatic needs. Included in the financing is the renovation of five of their six student dormitories, construction of a new fitness and events center known as the Roberts Pavillion and the construction of an energy efficient central plant that will serve the school’s heating and cooling needs while reducing its carbon footprint.
Nov 5, 2013
Harvey Mudd College provides students with a top-notch undergraduate education in engineering, science and mathematics. Their students’ educational experience provides them with the capacity to master the tough interdisciplinary problems they will encounter in both science and industry.
Recently the CMFA assisted Harvey Mudd College with their tax-exempt financing. Proceeds will be used to finance educational and administrative facilities, and make other improvements as part of the school’s Master Plan. In addition, proceeds were used to refinance existing long term debt.
Nov 5, 2013
NorthBay Healthcare Group provides quality health services to Solano County residents through an integrated healthcare delivery system that includes their two acute care hospitals: NorthBay Medical Center and NorthBay VacaValley, five medical clinics, a homecare agency, a hospice program and an occupational health program.
Recently, NorthBay Healthcare Group turned to the CMFA when it came time to finance renovations and improvements at their Solano County hospitals. In addition, the CMFA assisted them in a refinancing of their existing long-term debt.
Oct 21, 2013
Founded in 1941, Notthoff Engineering is a manufacturer of precision machined and close-tolerance medium to large sized parts and complex components used by the aerospace and defense industry. Recently, the CMFA assisted the Huntington Beach Manufacturer with tax exempt financing. Proceeds of the bonds were used to finance the acquisition and installation of specialized machining equipment used in the manufacture of large metal components and assemblies. The equipment will allow the company to expand its customer base.
Oct 14, 2013
National leader in the redevelopment of preservation projects, Vitus Group develops affordable housing projects throughout the United States, with an emphasis on preservation of federally-subsidized projects. Vitus Group focuses in areas where existing affordable housing faces pressure from market forces. Recently, the CMFA closed a $40.0 million tax-exempt financing project for the Vitus Group. Proceeds will be used to acquire and rehabilitate 448 existing affordable apartment units in San Diego, California. The project known as Meadowbrook Apartments was originally built in 1969. Renovation of the Project includes general improvements to the site area and building exterior, new roofing, new windows, and an updated centrally monitored security system. The rental units themselves will receive new kitchen cabinets and countertops, upgraded appliances to meet Energy Star standards, renovation of bathrooms, and new flooring.
Oct 2, 2013
Charities Housing secures tax-exempt bonds through the CMFA for the acquisition and rehabilitation of Sierra Vista I Apartments. Located in the City of Mountain View, Sierra Vista I consists of 34 townhome style apartments on a 1.8 acre site. Originally constructed in 1974 the five wood frame buildings will receive significant improvements including new fiber cement siding and insulation, roofing. The asphalt shingled roofs on the residential buildings will also be replaced. In addition, upgrades to the electrical, plumbing, mechanical fixtures and HVAC systems will be completed.
Oct 2, 2013
Built in 1972, San Tomas Gardens Apartments is a 100-unit complex located in the City of Campbell. The CMFA recently assisted Charities Housing in acquiring the facility with tax-exempt bonds. The project has a mix of two, three and four bedroom townhouse style units and serves very low-income families. The San Tomas Gardens is located just southwest of the City of San Jose and many residents work in Silicon Valley. This project will continue to help supply the area with affordable housing for 55 years.
Oct 2, 2013
The CMFA recently assisted MidPen Housing with the acquisition and rehabilitation of two multifamily affordable housing located less than a mile apart. The Woodlands Newell Apartments are conveniently located to transit, shopping, hospitals and other conveniences. Both properties will receive exterior and interior improvements with special attention made to improving energy efficiency and resident safety.
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