MidPen Selects the CMFA as Issuer of a $52,502,214 Bond Financing
The CMFA issued $52,502,214 in tax-exempt bonds for Arroyo Green Apartments. Arroyo Green Apartments is a new construction project located in Redwood City on a 1.36-acre site. The project consists of 116 restricted rental units and 1 unrestricted manager unit. The project will have 29 Studio units, 83 one-bedroom units and 5 two-bedroom units. The building will be 7 stories with the first two floors for parking. Common amenities include a community room, two laundry facilities, management offices, fitness room, game room, library/reading room, computer lab and secured bike room. Ten percent (twelve) of the units will be built out as fully accessible as prescribed by ADA. Bathrooms will have appropriate maneuvering space for a wheel chair, fully backed grab bars, and removable base cabinets at the vanities. Accessible kitchens will be designed to accommodate mobility impairments and include features such as easily accessible shelves, counters, appliances, and electrical switches. Four percent (five) of the units will be designed for hearing/visually impaired residents. Other sustainable and green building elements will include landscaping comprising of drought-tolerant and non-invasive plantings. Construction is expected to begin April 2019 and be completed in December 2020. This financing will create 116 units of affordable housing for the City of Redwood City for the next 55 years.