Archive for the ‘News’ Category
Apr 9, 2013
Recently the CMFA completed a $20,000,000 tax-exempt bond financing for the be.group. Proceeds from the low interest bonds will assist in the acquisition / rehabilitation project of the Casa de la Paloma Apartments. The be.group was founded in 1955 and has focused on creating vibrant communities for seniors. The Casa de la Poloma Apartments is an existing nine-story 167 unit affordable senior citizen and handicapped apartment complex located in the City of Glendale. All 167-units are 1-bedroom units and provide affordable rents to seniors 62 years of age and older and handicapped individuals. A portion of the bond proceeds will be dedicated to the rehabilitation of the complex. ADA upgrades, roofing, new HVAC system improvements and other energy efficiency upgrades. With new exterior paint and waterproofing of decking, landscaping and parking improvements, senior residents will be able to enjoy affordable living for another 55 years.
Apr 9, 2013
Community Housing Works has owned and developed affordable housing in the San Diego region for over 27 years. CHW selected the CMFA to assist them with the acquisition rehabilitation of Los Robles Apartments in the City of Vista. The 39 year-old apartment complex will continue to serve low and very low income residents. The apartments will receive many residential improvements including new kitchen cabinets, countertops, Energy Star appliances, bathroom appliances, interior flooring, hard-wired smoke detectors, new energy efficient windows, and a new roof. In addition, the planned photovoltaic solar system will provide domestic hot water and help further reduce energy costs for the tenants. The property serves very low, low and moderate income residents. With this acquisition the property affordability period will be extend for another 55 years.
Apr 9, 2013
Eden Housing, Inc. is recognized by Affordable Housing Finance as one of the Top 50 Affordable Housing Developers and Owners in the Nation. Recently Eden Housing partnered with the CMFA on the acquisition / rehabilitation of six of their east bay complexes. Six locations and a total of 278 units scattered throughout Hayward, San Leandro and Fremont will be refurbished and improved as a result of the over $40 million tax-exempt financing issued by the CMFA. Many of the sites will receive ADA-compliant upgrades, waterproofing, energy efficient window and door replacements, carpet and new flooring and kitchen upgrades.
Apr 9, 2013
Burbank Housing Development Corporation is a nonprofit organization dedicated to increasing the supply of housing in Sonoma County. Their goal is that one day low-income people of all ages, backgrounds, and special needs will have a better opportunity to live in decent and affordable housing. Burbank Housing recently selected the CMFA to assist them with the acquisition rehabilitation of Round Walk Village Apartments. Located in northeast Petaluma, Round Walk Village Apartments consists of 129-unit multi-family affordable rental units.
Mar 26, 2013
For 40 years, San Ysidro Health Center has been the leader in the provision of low-cost, high quality, comprehensive primary care services to the culturally diverse residents of San Diego County’s South Bay Region. Medical experts consider San Ysidro Health Center a national leader in preventative health care. Recently San Ysidro Health Center turned to the CMFA when it came time to finance their many facilities with long term, low cost tax-exempt financing. Proceeds were used to acquire and rehabilitate several sites used in the delivery and administration of their high quality comprehensive care, renovate and improve their adult day care facility and improve parking.
Mar 26, 2013
Established in 1968, EAH Housing is one of the largest and most respected nonprofit housing development and management organizations in the western United States. Award-winning EAH develops low-income housing, manages over one hundred properties in California and Hawaii.
Recently, EAH selected the CMFA to finance the Kings Valley Senior Apartments located in Cloverdale, CA. Constructed in the mid-1970’s, Kings Valley is a 99 unit Senior Apartment complex. The complex consists of 4 buildings and community center all situated on over 10 acres. All of the buildings will receive needed exterior and interior repairs and upgrades. Planned improvements include new roofs, windows, sliding glass doors, lighting and replacement of the HVAC systems. In addition, there will be ADA upgrades to parking and some of the units.
Mar 18, 2013
Santa Monica-based, New Roads School recently closed a partial refunding of bonds with the CMFA. The refunding broadens the school’s financing options for further campus expansion. New Roads School is a college preparatory school founded in 1995. The school is home to over 600 middle school and high school students in the West Los Angeles area. At New Roads School, education is viewed not as a race for the accumulation of facts, but as an opportunity for students to develop habits of mind and character, to nurture an ever expanding awareness of the human situation, and to acquire the tools needed for effective personal and moral participation.
Mar 11, 2013
Award-winning, Bridge Housing Corporation is one of the country’s premier developers of affordable housing and master planned developments. Recently Bridge Housing selected the CMFA as their issuer on a new development in West Sacramento. The project known as Bridge Triangle Family Apartments will serve 70 families with low and very low income.
The City of West Sacramento has been very supportive of the project. City officials expressed their excitement for the project and anticipate that the innovative design and green features will set the standard for future building in the West Sacramento Triangle Development. The development district is bounded by the Capital City freeway, the Sacramento River and Raley Field, a Triple-A ballpark that is home to the West Sacramento River Cats.
Mar 11, 2013
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 an aggregate total of $20,000 from the California Foundations for Stronger Communities with funds donated by the CMFA.
The deserving organizations include:
Asian Pacific Islander Small Business Program assists the development of small and micro businesses in Los Angeles. The non-profit primarily works with low-income immigrants from the Chinese, Korean, Japanese, Thai and Filipino business community. The program is designed to overcome barriers to growth, .help these budding entrepreneurs build a sustainable business model and create jobs.
Herald Christian Health Center is a non-profit licensed community clinic with a mission to provide quality, affordable, culturally and linguistic appropriate and holistic health care services to the low income, uninsured and underserved people residing in the San Gabriel Valley.
The Khmer Arts Academy features a professional touring ensemble, a research and archiving program and a media program, in addition to the community-based academy where young students can receive free workshops in Cambodian classical dance.
The Korean Resource Center was founded in 1983 to empower Korean American community, low-income immigrant and people of color communities through a holistic model that combines education, social services, and culture with effective community advocacy and organizing. KRC is guided by the principles Live Rightly, Know our Roots, Empower Ourselves, and Live in Harmony.
Marina Village Middle School Jazz Band – The jazz band at Marina Village Middle School is a group of 25-30 talented seventh and eighth grade students who have committed their extra time beyond the school day to further their music ambitions. The donation will be used to acquire instruments, music supplies, and offset costs related to performing at events and/or competitions.
The United Cambodian Community is a multicultural social services agency, serving the greater Long Beach community. The organization assists the refugee and immigrant population in making adjustments and to help bridge the gap between cultures, languages and generations.
Feb 26, 2013
The CMFA recently closed a $17.1 million financing for non-profit developer South County Housing Corporation. Proceeds from the tax-exempt bonds will be used to construct a new 107 unit affordable housing project known as University Village. It will be located on the former Fort Ord Army base and is an integral part of a master planned community in the city of Marina. Families with incomes at or below 50% Area Median Income will enjoy a high quality of life with easy access to shopping, theatres, parks and other community services. The complex will offer residents after school programs for the children and educational classes in health, wellness and skill building for adults.
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