The CMFA Works with Meta Housing to Finance Affordable Housing with Tax-Exempt Financing of $39,823,120
The CMFA issued $39,823,120 in tax-exempt bonds for Meta Housing to finance the acquisition and rehabilitation of The Cannery Apartments.
The Cannery Apartments project is a proposed new construction development of a 104-unit multifamily apartment project to be located at 111 Lewis Street, Gilroy, CA. The project will offer one-, two- and three-bedroom units, including a two-bedroom manager’s unit. All units with the exception of the manger’s unit will be restricted to households making between 50% and 60% of Area Median Income. Common areas will consist of a community room, exercise room, playground, orchard, outdoor eating area, community garden and onsite management. The financing of this project will result in creation of affordable housing for 103 low income households in the City of Gilroy for the next 55 years.