Archive for the ‘News’ Category
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.
Jun 9, 2014
Christian Church Homes of Northern California’s mission is to provide “Affordable Quality Housing in Caring Communities.” Recently, Christian Church Homes partnered with the CMFA on an acquisition/rehabilitation of the Garfield Park Village. Originally constructed in 1964 the site provides affordable housing to low-income seniors age 62 and older with incomes of 50% and 60% of area median income. The 16-month renovation will include new kitchens, bathrooms in each of the units. The heating and plumbing will also be upgraded. Christian Church Homes will improve site accessibility and will make three units handicap accessible. In addition, a bona fide service coordinator/social worker will provide ongoing assistance will be provided to residents free of charge. Nestled in the City of Santa Cruz, the community consists of cottage style apartments and a 2 story low rise building, offers 94 apartments. Close to the beach, shopping, and public transportation, Garfield Park Village will soon be a highly desirable and unique place to call home.
Jun 9, 2014
The Pacific Companies is a privately-held group of firms dedicated to excellence in multifamily housing and charter school facilities. Pacific West Communities, Inc. recently selected the CMFA as their Issuer for their senior project in Willows CA.
The Willows Senior Apartments will be a 49-unit affordable senior housing new construction project and will target seniors earning up to 45% of the area median income for Glenn County. The project will be located at 1330 West Sycamore Street, City of Willows, California.The planned development consists of 2 wood-framed buildings and will consist of 39 one-bedroom units and 9 two-bedrooms units. In addition, three handicap accessible units will serve disabled individuals. When completed, residents will enjoy a 1,800 square foot community center consisting of an office, maintenance storage space, computer center, laundry facilities, exercise room and a community / TV room with a kitchen. Seniors will also enjoy a swimming pool, hot tub, community garden and a covered picnic area.
Jun 9, 2014
Established in 1965, Maranatha High School is a college preparatory high school, located in Pasadena, California. 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. Recently the CMFA issued tax exempt bonds for the prep school. Proceeds were used to refinance existing debt and assist with the acquisition, construction and improvement of nearby school properties.
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.
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