The CMFA Works with MRK Partners to Finance Affordable Housing with Tax-Exempt Financing of $16,070,000

Federation Tower Apartments is an existing project located in Long Beach on a .93-acre site. The project consists of 49 restricted rental units, and one unrestricted manager’s unit. The project has 38 one-bedroom units, and 12 studio units. The renovations will include building exterior and interior upgrades. Building exterior renovations will consist of asphalt and pavement repair, paint, sealing the exterior to ensure waterproofing, landscaping and new signage. Interior renovations will include an update to the community room. The common kitchen will be modernized. The computer room will also receive upgrades. Individual apartment units will be updated with new appliances such as new refrigerator/freezers and ranges as well as new microwaves, cabinets, countertops, flooring and paint. Lastly, common or site area renovations will consist of energy efficiency upgrades including HVAC, lighting and plumbing. The furniture, fixtures and equipment will be modernized and upgraded. The rehabilitation is expected to begin in February 2019 and be completed in December 2019. The financing of this project will result in preserving affordable housing for 49 low-income households in the City of Long Beach for another 55 years.

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