CMFA Issues Tax-Exempt Financing Villa Pacifica II Apartments

The CMFA issues $9,201,527 in tax-exempt bond proceeds for the Villa Pacifica II Apartments. The project is a proposed new construction development of a 3-story building consisting of 48 one-bedroom units and 12 two-bedroom units. All the units will be income restricted to senior households age 62 years and older with income levels at or below the 30%, 50% and 60% AMI levels, except for 1 two-bedroom manager unit. The property is a vacant lot located at 7418 Archibald Avenue in Rancho Cucamonga, CA. The site is located adjacent to the existing Villa Pacifica Senior Apartments. The financing of this project will result in the creation of affordable housing for another 59 low-income, senior households in the City of Rancho Cucamonga for the next 55 years.

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