CMFA Issues Tax-Exempt Financing for SDG Housing Partners
The CMFA issued $44,300,000 to help finance the La Villa Puente Apartments project. La Villa Puente Apartments is an existing 121-unit multifamily affordable community originally built in 1972, located at 17351 Main Street, La Puente, CA. The project is made up of 9 two-story buildings. All units will be restricted to households earning 50% and 60% or less of AMI. Exterior building renovations will consist of window replacements, door replacements and a fresh coat of paint. Interior renovations will include leasing office and community room upgrades. Individual apartment units will be updated with a new appliance package, paint and electrical updates. Amenities include a community room with full kitchen, exercise room, TV room, billiards room, computer room, library, ADA bathrooms, barbeque picnic areas and onsite management team. The financing of this project will result in the preservation of affordable housing for 120 low-income households in the City of La Puente for the next 55 years.