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The CMFA issues $16,000,000 in Tax-Exempt Financing for the Cornerstone Place Apartments Project to assist El Cajon’s Low-Income Residents

The Cornerstone Place Apartments is the new construction of 70-unit affordable multifamily apartment project located near downtown El Cajon, CA. The project will target families and veterans. The project will consist of a 4-story building with one- and three-bedroom units and structured parking. Unit amenities will include energy efficient appliances and a balcony or patio. Apart from the manager’s unit, all the units will be income restricted to households earning between 50% and 60% of AMI. Amenities will include on-site property management, an outdoor courtyard, community room, elevator, laundry facilities and lounges on each floor. The project is located near public transit and within walking distance of local resources. The financing of this project will result in the creation of affordable housing for 69 low income households in the City of El Cajon for the next 55 years

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