The CMFA Completed the issuance of $26,205,000 in Bonds for Salerno Apartments
Salerno Apartments is a new construction project located in Irvine on a 2.58-acre site. The project consists of 79 restricted rental units, and one unrestricted manager’s unit. The project will have 24 one-bedroom units, 16 two-bedroom units and 40 three-bedroom units. The building will be four stories and slab on grade. Common amenities include community gathering space, swimming pool and tot lot. Each unit will have a washer and dryer. There are 173 parking spaces provided. Green features include a non-smoking policy, graywater irrigation and energy efficiency 7% beyond 2016 building code standards. The construction is expected to begin June 2019 and be completed in June 2020. This financing will create 79 units of affordable housing in the City of Irvine for the next 55 years.