Archive for the ‘News’ Category
Mar 4, 2014
Founded in 1968, Eden Housing has long been known for providing quality affordable housing in the Bay Area. Recently, the CMFA completed their ninth project with Eden Housing.
The Montgomery Plaza Senior Apartment project is an Acquisition/Rehabilitation of a senior housing development located in the City of Hayward. The original project was built 30 years ago. The project consists of 50 units within one building with three floors. Each unit consists of one bedroom, one bath and a private patio/balcony. The scope of work will include replacement of all windows and sliding doors with modern double-glazed vinyl windows, ADA upgrades to all common areas, deck repair, resurfaced counters and new sinks and faucets, flooring, carpet, and the creation of a small service coordination office. This financing will continue to provide 49 units of affordable senior housing in the city of Hayward for 55 years.
Mar 4, 2014
More than 65 years ago, a small group of individuals in Southern California made a bold commitment: to build an organization that would help older adults continue to lead rich, purposeful lives. What was originally Southern California Presbyterian Homes is now be.group. Over the decades they have expanded from one fledgling community in La Jolla to 36 communities serving thousands of older adults throughout the state.
The Covenant Manor Apartments is an acquisition/ rehabilitation of a 100-unit senior affordable rental housing project. The project will consist of one- and two-bedroom apartments for seniors who earn at or below 50% and 60% of the area median income. The project includes private patios and balconies, a common area, outdoor courtyard, common laundry facilities and community facilities. Improvements contemplated as part of the rehabilitation include new heating, ventilating, air conditioning systems, domestic boilers, energy efficiency upgrades and exterior painting, waterproofing and balcony deck coating. The use of tax-exempt bonds will ensure seniors will have affordable housing in the City of Long Beach for the next 55 years.
Feb 24, 2014
Related Housing Corporation (Related) is a fully integrated, highly diversified leader in affordable housing. The company’s broad expertise covers in virtually every aspect of development, acquisitions, management, finance, marketing and sales.
Recently, the Berkeley Housing Authority disposed of 15 low income public housing sites. With the help of the CMFA, Related was able to acquire the scattered sites and begin renovation and modern-ization of the units. Located in Berkeley, California the 15 sites are comprised of 75 total units with 3 and 4 bedrooms designed to serve large families. Residents will soon enjoy new carpets, flooring, kitchen and bathroom cabinets and the replacement of fixtures. Improvements to mechanical systems and fresh paint will make the living spaces more comfortable and enjoyable. New roofs, exterior paint, and new landscaping will further enhance the sites. The tax-exempt financing will help preserve the supply of affordable housing in Alameda County for the next 55 years.
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.
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