CMFA Issues Financing for Kensington II Apartments
The CMFA recently issued $8,000,000 in tax-exempt financing for Kensington II Apartments. Kensington II Apartments is a new construction project located in the City of Lancaster on a 3.5-acre site. The project will provide 50 restricted rental units and one unrestricted manager unit, all of which will be one-bedroom. The project consists of 4 two-story buildings. Common amenities include a large outdoor community area, community rooms, laundry facilities, exercise room, storage, full-time security service and digital surveillance monitoring system. Each unit will feature kitchens equipped with a stove, refrigerator and disposal. Seventy parking spaces will be provided. Construction is scheduled to begin in October 2018 and be completed in March 2020. This financing will create 50 units of affordable housing in the City of Lancaster for the next 55 years.