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The CMFA Works with Peoples Self Help Housing Corporation to Finance Affordable Housing with Tax-Exempt Financing

The CMFA issued $5,491,713 in tax-exempt bonds for Peoples Self Help Housing Corporation to finance the acquisition and rehabilitation of Valentine Court Apartments.

The Valentine Court Apartments is an Acquisition/Rehabilitation of an existing 35-unit apartment property for multifamily renters. The project involves the refinance of an existing HUD 202 project with 4% Low Income Housing Tax Credits and tax-exempt bonds. The rehabilitation will include photovoltaic and solar hot water installation, accessibility and security system upgrades, and unit and community space renovations. The project will be made up of studio and one bedroom apartments for families making 50% or less of Area Median Income. The project is located at 280 E. Newlove, City of Santa Maria, County of Santa Barbara, CA. The rehabilitation will ensure long-term financial sustainability and extend the useful life of the building, and will also extend the HUD use agreement and ensure long-term affordability for residents. The financing of this project will result in retaining 34 affordable apartments for the next 55 years.

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