CMFA & Affirmed Housing Group Partner to Preserve Affordable Housing in Escondido, CA
Recently, the CMFA and Affirmed partnered on a $6,400,000 tax-exempt financing for Sonoma Court Apartments in Escondido, CA. Proceeds from the financing were used for the acquisition and rehabilitation of an existing 61-unit development.
Originally constructed in 1978, the 61-unit project will undergo significant rehabilitation including seismic retrofitting, improvement of outdoor drainage, fencing, interior sidewalk replacement, installation of a new roof, building siding and stucco. Installation of solar panels are planned to reduce energy costs. Residents will enjoy new flooring, cabinets, fixtures, bathtubs and water heaters. Affirmed Housing Group’s use of tax-exempt financing will ensure that low-income residents in Escondido, CA will have affordable housing for the next 55 years.