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The CMFA Works with Blue Green Preservation to Finance Affordable Housing with Tax-Exempt Financing

The CMFA issued $5,500,000 in tax-exempt bonds on February 8, 2017. The bond proceeds will be used to finance the Maple Park Apartments project is an acquisition/rehabilitation of a 25-unit affordable multi-family housing development for persons with disabilities and the elderly. The building consists 24 one-bedroom units and 1 two-bedroom manager’s unit. Maple Park is located at 711 E. Maple Avenue, Glendale, California. The rehabilitation will include upgrading air conditioning and heating units, mechanical and electrical. Interior upgrades will include new kitchen and bathroom equipment, new cabinets, new kitchen surfaces, new flooring, paint and new window treatments. Exterior upgrades will include replacement of certain patio covers, widening of common area pathways, common area lighting, improvements to community areas, elevator cab improvements, parking area improvements and paint. This financing will preserve 24 units of affordable housing for the City of Glendale for another 55 years.

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