The CMFA Issues $42,020,000 in Tax-Exempt Financing for the Laurel Grove Apartments
In 1967, the Santa Clara County Board of Supervisors established the Housing Authority of the County of Santa Clara (“HACSC”) as an independent local government agency to administer the federal rental assistance programs authorized by the United States Housing Act of 1937. Since 1976, HACSC has operated the federal rental assistance programs of the County of Santa Clara and the City of San José as one program. In 2008, Congress designated HACSC a Moving to Work (MTW) demonstration agency.
HACSC will be using the proceeds of the bonds for the acquisition and rehabilitation of the Laurel Grove Lane Apartments project that will consist of an 82-unit housing community located in San Jose, CA. The development will offer one, two and three bedroom units, as well as onsite laundry, property management and service offices, a community room with kitchen, and a tot lot. Laurel Grove Apartments is located adjacent to the downtown Diridon Transit Station, providing residents with immediate access to trains, light rail, buses and bike share. All apartment units will be restricted to residents with household incomes no greater than 50% and 60% of the Area Median Income. capital improvements (the “Project”) owned by the Borrower and located at Eisenhower Medical Center, 39000 Bob Hope Drive, Rancho Mirage, California 92270