Sep 4, 2014
Located in the heart of Silicon Valley, Kehillah Jewish High School is a growing independent college preparatory secondary school. Recently, the CMFA completed a tax-exempt financing for the private school. Proceeds will be used to provide long-term financing of the school’s 50,000 square foot facility includes 27 classrooms, state-of-the-art science labs, computer labs, art studio, music studio, library, sanctuary, assembly room/cafeteria and “black box” theater.
Aug 19, 2014
Chelsea Investments and the CMFA recently partnered on a tax-exempt financing for a senior affordable housing project. Proceeds of the bonds will assist in the construction of a 61-unit (plus one manager’s unit) apartment building known as Mill Creek Courtyard Apartments in the City of Bakersfield. Construction is scheduled to begin within the next 30 to 45 days. The 61-unit project is targeted for seniors aged 55 years or older with incomes of 50% to 60% of Area Media Income. The 3-story building will offer residents a common community kitchen, computer room, community gardens, green space, and secure covered parking. Chelsea Investments anticipates that the one and two-bedroom units will be ready for occupancy in early 2015.
Aug 19, 2014
Recently the CMFA assisted Irvine-based Jamboree Housing with the acquisition and rehabilitation of the Monument Arms Apartments. The project is located at 261 Alaska Avenue, Fairfield, California and serves families earning up to 60% of Area Median Income. The tax-exempt bonds will allow for the renovation of the 14 two-story garden style apartment buildings. Bond proceeds will be spent on renovating each of the units including installing new kitchen cabinets, countertops. In addition each of the 14 buildings will receive fresh paint, new roofs and energy efficient features that will result in a 10% reduction of energy usage overall. The acquisition and rehabilitation of this project will provide 92 families with affordable housing in Solano County for another 55 years.
Aug 5, 2014
Woodside Priory School is an independent, catholic, co-educational college preparatory day and boarding school in the Benedictine tradition. The School serves day students in grades six through twelve as well as boarding students in grades nine through twelve. The School encompasses 51 wooded acres and has over 40 buildings in Portola Valley, California – roughly 40 miles south of San Francisco and less than five miles from Stanford University.
Recently, Woodside Priory School secured tax-exempt financing through the CMFA. Proceeds of the bonds will be used to construct and equip a 10,000 square foot classroom facility to be known as Benedictine Square. The building will serve as a learning hub and for student activities.
Aug 5, 2014
Recently, Thomas Safran & Associates secured tax-exempt financing for the acquisition/ rehabilitation of an existing 6 story, 75-unit property. The project is known as William Penn Manor and is located in Whittier, CA. William Penn Manor contains both studio and 1 BR units that provides Section 8 Housing for seniors age 62 and older.
Proceeds from the tax-exempt financing will be used to finance needed renovations including updating appliances, building exterior and interior common areas and landscaping as necessary. The developer also plans on adding a business center/computer lab, picnic areas with barbecue grills, security cameras, a Service Coordinator, free Wi-Fi, and microwaves in each unit for the residents. This financing will preserve 74 units of at risk affordable housing for the City of Whittier for another 55 years.
Jul 28, 2014
The CMFA continues to give back to the communities in California by directing a portion of its issuance fees to charitable organizations. There were several non-profit 501(c)(3) organizations that received grants totaling over $130,000 from the California Foundations for Stronger Communities with funds donated by the CMFA. The deserving organizations include:
After School Boxing Program Together with the Oscar de la Hoya Foundation and Golden Boy Productions, the CFSC provided a grant that benefitted eight boxing gyms in Southern California serving endangered youths. Matched proceeds will be used to purchase needed equipment and programs that will get these kids off the streets and provide them with much needed positive reinforcement.
Gary Sinise Foundation serves active military personnel and veterans by creating and supporting programs designed to entertain, educate, inspire, strengthen and build communities. CFSC’s donation was restricted to support those programs serving California.
Good Neighbor Center, Inc. provides food and clothing to needy people in the Central Valley. Founded in 2000, the organization has served over 27,000 individuals.
Grandma’s House for Hope is a campus-model Housing Program offering transitional housing, emergency shelter services and rapid rehousing for women and children in need of shelter in Orange County. Women may be facing lengthy illnesses, domestic abuse or other issues that prevent them from being self-sufficient. In addition, the organization provides weekend and school vacation meals to kids relying on their school’s free lunch program for daily sustenance.
Volunteers of America – Mather Community Campus provides safe and secure housing for homeless residents. Their program is designed to build the skills necessary so their clients are able to build a stable lifestyle which includes a steady job and permanent housing.
Jul 3, 2014
Tri-Valley Learning Corporation (TVLC) operates four charter schools in the tri-valley region of Alameda County. Recently, the CMFA issued tax-exempt bonds for this borrower. Proceeds of the bonds will be used to finance the acquisition, improvement and equipping of a class A, multi-tenant office building in Livermore, CA. The 80,000 sf, two-story building will be converted into a state of the art educational facility. Upon completion, TVLC anticipates that the building will serve up to 1,200 students in the community.
Jun 30, 2014
Founded in 1963, Pitzer College is an independent co-educational, liberal arts science college offering a Bachelor of Arts degree with a curricular emphasis in the social and behavioral sciences. Pitzer was the first independent women’s college to open in the United States since Bennington College in 1932. Today, Pitzer is part of a unique educational environment known as The Claremont Colleges—a consortium of five undergraduate colleges and two graduate institutions.
Recently, Pitzer College selected the CMFA as Issuer for their tax-exempt bonds. Proceeds of the financing will be used to fund the completion of the college’s master plan. The college campus was constructed in the sixties. A recent inventory found that many of these educational buildings and student housing was in need of repair or renovation at a cost that neared the cost of new construction. Pitzer College’s Master Plan calls for a campus that includes seismically sound buildings that ensure academic initiatives are met while at the same time encouraged social interaction among students, faculty, administration and visitors to the campus. Proceeds from the 2014 financing will be used to repair and renovate existing buildings, fund the purchase of nearly 28 acres which will be used for future student residences, administration and educational buildings and pay for cost of issuance.
Jun 30, 2014
Established in 1887, by a group of Congregationalists who wanted to recreate on the West Coast “a college of the New England type,” one that would represent the very best of what they had experienced as students in the finest colleges of the Eastern and Midwestern United States. Instruction began on September 12, 1888, in a small, rented house in the city of Pomona. The following January, an unfinished hotel in nearby Claremont, along with adjacent land, was given to the College, which subsequently relocated there. Pomona College awarded its first diplomas to the Class of 1894. Today, Pomona College offers approximately 1,600 students, the personal experience of a small, academically superb liberal arts college and the breadth of resources normally associated with major universities.
Recently, the CMFA assisted Pomona College. The proceeds of the bonds will be loaned to Pomona College to finance the college’s educational and administrative facilities and to fund the construction of a new research and instruction building to be known as Millikan Laboratory and Andrew Science Hall. In addition proceeds will be used for the construction of a new sciences courtyard between the Millikan Laboratory and the Seeley G. Mudd Science Library and pay costs of issuance and certain interest with respect to the loan.
Jun 23, 2014
Wasatch Properties’ mission is to acquire undervalued properties, add value through rehabilitation and improvements and provide exemplary service to their residents, coworkers, business partners, suppliers and lenders. Wasatch recently worked with the CMFA on the acquisition and rehabilitation of the Peppertree Apartments project in the Spring Valley area of San Diego, CA.
The Peppertree Apartments is an existing market rate project with 103 units that will be converted to low-income housing units in the Spring Valley area of San Diego County. The Project consists of 88 one-bedroom and 15 two-bedroom units with 1 manager’s unit. A total of 11 units will be set aside for those seniors with incomes of 50% of area median income and the remaining 92 units will be available to seniors with incomes of 60% of the area median income. The site is located within a mixed-use urban neighborhood consisting of commercial, retail, and residential uses. Planned renovations will include new landscaping, energy efficient windows, landscaped common areas, upgraded community center, 24-hour emergency maintenance, and upgraded buildings systems. Residents will enjoy new flooring, kitchen cabinets, hardware, countertops and appliances in each unit.
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