Sep 5, 2017
The CMFA issued $25,620,000 in tax-exempt financing to refinance prior bonds related to the facilities described below, finance or reimburse the costs of constructing, renovating, remodeling and/or equipping long-term care facilities located on the Borrowers’ campuses, fund a debt service reserve fund and pay certain expenses incurred in connection with the issuance of the Bonds.
Bond proceeds will be used to refinance certain facilities including: (1) Bixby Knolls Towers and Bixby Knolls Health Care & Rehabilitation Center located at 3737 Atlantic Avenue and 3747 Atlantic Avenue, Long Beach, California, (2) Gold Country Health Center and Gold Country Retirement Center located at 4301 Golden Center Drive and 6041 Golden Center Court, Placerville, California, and (3) Sun City Gardens located at 28500 Bradley Road, Sun City, California.
Sep 5, 2017
The Owendale Mutual Housing Community Apartments is located at 3023 Albany Avenue in Davis. Originally constructed in 2003, the multi-family community’s 45 units are situated on a 2.3-acre site. There are six residential buildings ranging from one to three stories in height. The community building, which houses the manager’s office, resident community room, and common laundry room, is centrally located. The community’s unit mix includes 14 one-bedroom, 15 two-bedroom, 15 three-bedroom units and one manager’s unit. The current tenant population is comprised of families and seniors. Following the property’s rehabilitation, five units will be designated for developmentally disabled households who are eligible for rental assistance under HUD’s Section 811 Project-Based Rental Assistance program. The planned rehabilitation includes repairing extensive cracks in the buildings’ stucco exteriors, repainting and re-roofing the buildings, enhancing and making more drought tolerant the landscaping, installing a new water-wise irrigation system, installing new energy efficient LED building and site lighting, and upgrading the patio fencing and trash enclosures. Rehabilitation within the units will include installation of energy efficient heating-air conditioning systems, appliances, water heaters, bathroom fans, flooring, as well as water- and energy-efficient plumbing and lighting fixtures. The financing of this project will result in the preservation of 44 units of affordable housing for the next 55 years in the City of Davis.
Sep 1, 2017
PACE (Property Assessed Clean Energy) is an innovative program that provides residential and commercial property owners with low-cost, long-term financing for water conservation, energy efficiency, and renewable energy improvements. All while helping local governments meet their water and energy conservation objectives.
The CMFA recently issued $665,389 in residential PACE bonds in September.
Sep 1, 2017
The proceeds of the bonds will be used to finance and refinance Willows Community School 2017 Project, refund all of the outstanding California Municipal Finance Authority 2012 Tax-Exempt Loan (Willows Community School) (the “2012 Loan”), issued to finance or refinance the 2012 Project, and pay costs of issuance and certain interest with respect to the Loan. The “2017 Project” is the acquisition, construction, improvement, renovation, furnishing and equipping of educational and related facilities, including athletic facilities, located on property adjacent to the Borrower’s main campus in the City of Culver City at: 8525 Higuera Street, Culver City, California 90232 and 8520 Warner Drive, Culver City, California 90232.
Sep 1, 2017
The CMFA issued $29,100,0000 for Urban Core Development to help finance Coliseum Transit Village Apartments project. Coliseum Transit Village is a new construction of a 110-unit affordable multi-family housing development. The development sits on an existing BART owned parking lot adjacent to the Coliseum BART station. Half of the units will be restricted at 50-60% AMI. The remaining units will be “workforce units” (60-100% AMI), which will be affordable to individuals and families that are highly “housing insecure,” meaning they spend more than half their income on rent, but are not served by traditional affordable housing. The project will be located at Snell and 71st Street, Oakland, CA and will provide 55 years of affordable housing.
Aug 24, 2017
The Desert Oasis Apartments project is an acquisition/rehabilitation of an existing 90-unit affordable multi-family housing development that is located at 46211 Jackson Street, Indio, CA. The planned renovations will improve the safety, aesthetics and sustainability of the property for residents and neighbors alike, by addressing all urgent building issues, completing comprehensive interior and exterior renovations and creating a more sustainable property. The preservation and rehabilitation of the property will preserve this community as an affordable project for another 55 years.
Aug 18, 2017
The proceeds of the Bonds will be used for the acquisition and rehabilitation of the Los Robles Terrace Apartments, an existing 40-unit apartment property for multifamily seniors. 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 2940 Spring Street in the City of Paso Robles, County of San Luis Obispo, 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 the retaining of 39 affordable apartments for the next 55 years
Aug 14, 2017
Connell Apartments is a 28-unit affordable housing development built in 1962 situated on three contiguous land parcels totaling 0.81 acres located in a residential neighborhood characterized by single-family housing and low-rise apartment buildings. The project is composed of three two-story buildings. The 28 units are distributed among the three buildings as follows: 20 units at 7010 Princevalle St., 4 units at 610 Fairview Dr., and 4 units at 620 Fairview Dr. The project consists of studio, 1-bedroom and 2-bedroom units. Proposed work includes repair or replacement of roofs at 610 & 620 Fairview, exterior siding, windows, stairs, balcony decks and upper walkways, renovation of selected unit interiors, laundry room upgrades, solar photovoltaics installation, upgrades to HVAC/mechanical and electrical systems, retrofitting of irrigation system, replacement of selected lawn sections with drought resistant landscaping, repairs to hardscape and paving and repairs to parking areas. Renovations are anticipated to improve site energy efficiency by 10%. This financing will preserve 27 units of affordable housing for the City of Gilroy for another 55 years.
Aug 11, 2017
The Napa Park Homes Apartments is an acquisition and rehabilitation of an existing 140-unit affordable multifamily rental housing facility located in the City of Napa, California. The project amenities include, a community room, management office, maintenance office, laundry room and tot lots. The project was last renovated in 1995 and is in need of updates. Renovations will be done to improve energy efficiency and to meet sustainability goals and improve building performance. Interior improvements to the unit’s kitchens, bathrooms and flooring will also be addressed. 128 of the units are restricted to households earning between 50% and 60% and less of AMI. The financing of this project will result in the preservation of 128 affordable apartments for the next 55 years.
Aug 10, 2017
The Escondido Bioenergy Facility will be a $8.1M fully financed 1.2 MW biogas cogeneration project located onsite at the City of Escondido’s Hale Avenue Resource Recovery Facility (“HARRF”) 1521 South Hale Avenue in Escondido, CA 92029 (the “Site”).
The loan will be used to finance the acquisition, construction, improvement and equipping of a certain biogas cogeneration project, consisting of two pre-packaged Combined Heat and Power systems and the required gas conditioning and emissions control equipment and certain ancillary and related equipment and facilities, to be located at the City of Escondido’s Hale Avenue Resource Recovery Facility (“HARRF”), within the City of Escondido, and to be owned and operated by the Borrower.
HARRF is an activated sludge, secondary treatment wastewater treatment plant that consists of biological processes of which digester gas is a by-product. Digester gas is composed of about 40% carbon dioxide and 60% methane. The Facility consists of two pre-packaged Combined Heat and Power (“CHP”) systems, one rated at 800 kW and the other rated at 400 kW, along with required gas conditioning and emissions control equipment. Both of the CHP systems will be integrated into the infrastructure of the existing Facility, and will produce power for delivery to HARRF. The Project will utilize HARRF’s digester gas as fuel (“Biogas”) and generate both electricity and heat to offset the Facilities electrical power and natural gas demand from the local utility, San Diego Gas and Electric (“SDG&E”).
The Facility will be located on HARRF property under a Site License Agreement which is included as Exhibit F of the PPA. As consideration for use of the lands, Anaergia will pay $10.00 to the City of Escondido prior to Commercial Operation, and will be responsible for property taxes on capital improvements. The main components of the Project will consist of a Gas Conditioning System (“GCS”), a 400 kW CHP engine/generator package, and an 800 kW engine/generator package.
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