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CMFA Issues Tax-Exempt Financing for Las Ventanas Apartments

The CMFA issued $33,118,719 for Las Ventanas Apartments. Las Ventanas Apartments is a new construction project located in the City of Long Beach on a 1.01-acre site. The project will consist of 78 restricted rental units, 1 unrestricted manager unit and 23 units at 80% AMI. The unit mix includes 1 studio unit, 49 one-bedroom units, 25 two-bedroom units and 27 three-bedroom units. The single building will consist of four residential stories over ground floor retail space and one level of semi-subterranean parking. Common amenities include a community room with computer lab, laundry facilities, management offices and open courtyard with barbeque area. Each unit will feature a kitchen equipped with refrigerator, range/oven, dishwasher and garbage disposal. Sixty-nine residential parking spaces, nine retail parking spaces and five motorcycle parking spaces will be provided in addition to secured bicycle parking spaces. The project will pursue LEED certification. The financing of this project will result in the creation of affordable housing for 78 low-income households in the City of Long Beach for the next 55 years.

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