The CMFA issues $3,800,000 in Bonds to Burbank Housing Development Corporation for the Madrone Village Apartments located in Petaluma, California
The Madrone Village Apartments project is an acquisition/ rehabilitation of an existing 23-unit affordable multifamily rental housing facility. The project will include substantial rehabilitation to address replacement of major building systems, increase energy & water efficiency and will include a 20-year renewal of the HAP contract. Rents will be restricted to households with incomes no greater than 60% of the area median income with an average affordability of 55%. The rehabilitation of this project will provide affordable living in the City of Petaluma for an additional 55 years.