MidPen Secures Tax-Exempt Debt of $26,064,829 Through the CMFA
The CMFA issued $26,064,829 in tax-exempt bond proceeds for Shorebreeze Apartments. The Shorebreeze Apartments is the new construction of a 62-unit affordable housing multifamily project. The project will be the second phase of an existing project built in 1980. Currently, the development consists of 120 affordable apartments. The new development will consist of the demolition of 12 existing townhomes and the creation of 62 new affordable apartments all located in one new building located at 460 N. Shoreline Boulevard, in the City of Mountain View, California. The units will be restricted to households earning between 50% and 60% or less of area median income (AMI). Amenities will include a courtyard, walking pathways, playground, community room, computer lab, bike lockers and laundry facilities. Services will be provided by MidPen Resident Services Corporation, a 501(c)3 affiliate of MidPen Housing Corporation that provides extensive on-site social services for MidPen residents. Services specific to Shorebreeze include a senior services coordinator to ensure the senior residents are strategically connected to community resources and a family services coordinator who will design and oversee an after-school program, and supportive services on an as needed basis. This financing will create 61 units of new affordable housing for the City of Mountain View for 55 years.