The CMFA issues $15,120,000 in Bonds to Burbank Housing Development Corporation for the Park Lane Apartments located in Petaluma, California
The Park Lane Apartments project is an acquisition/ rehabilitation of an existing affordable housing apartment complex. The Project’s 90-units will be restricted to residents with household incomes no greater than 60% of the Area Median Income with exception to the one managers unit. The scope of work will include substantial rehabilitation to address replacement of major building systems, increase energy and water efficiency, and will include a 20-year renewal of the HAP contract. The financing of this project will result in the retention of 89 affordable apartments for another 55 years in the City of Petaluma.