The CMFA Assists Pacific West Communities, Inc. on an $7,360,000 Tax-Exempt Bond Financing
The proceeds of the Bonds will be used for the construction of the the Bow Street Apartments II, a new construction project located in the City of Elk Grove. The project will consist of 98 units in four residential buildings and one community building with 48 units utilizing 4% tax credits and the remaining units utilizing 9% tax credits. The 48 units are comprised of 12 one-bedroom units, 24 two-bedroom units, and 12 three-bedroom units. The project will target families earning 50% and 60% of area median income. The project will incorporate a number of amenities including 84 hours per year of adult education health and wellness classes, as well as additional health and wellness services and programs. This portion of the development will provide the city of Elk Grove with 48 much needed units of affordable housing for the next 55 years.