The CMFA Works with Retirement Housing Foundation to Finance Affordable Housing with Tax-Exempt Financing
Retirement Housing Foundation (“RHF”) is a non-profit organization of 170 communities in 26 states, Washington, D.C., Puerto Rico, and the U.S. Virgin Islands. RHF provides housing and services to more than 18,000 older adults, low-income families, and persons with disabilities.
The bond proceeds will be used to finance the Culver City Rotary Plaza, an acquisition/rehabilitation of an existing age-restricted (62+) and income restricted community consisting of 100-units located at 5100 Overland Avenue, Culver City, CA. Built in 1985, the improvements sit on a 53,143-square foot site with surface area for 26 parking spaces. Because of the age of the development, substantial renovations are needed. Renovations include the retrofitting of major building systems to increase the physical lifetime and energy efficiency of each building and increase the financial sustainability of the project. The financing of this project will result in preservation of affordable housing for 99 low income senior households in Culver City for the next 55 years.