The CMFA Works with Spira Equity Partners to Finance Affordable Housing with Tax-Exempt Financing of $13,475,000
The CMFA issued $13,475,000 in tax-exempt bonds to finance the acquisition and rehabilitation of Park Manor Apartments.
Park Manor Apartments is an existing project located in Hayward on a 2.34-acre site. The project consists of 80 restricted rental units and one unrestricted manager unit. All 81 units of the project are two-bedroom units. The renovations will include building exterior and interior upgrades. Building exterior and interior renovations will consist of new lighting, installation of artificial turf, stucco repairs, new roofing and canopies, window and door replacements, replacement of smoke and CO1 detectors, installation of trash compactors, new downspouts, seismic retrofits and a fresh coat of paint. Individual apartment units will be updated with new doors and windows, new in-unit wall mount heaters, new vinyl plank flooring, carpet in the bedrooms, kitchen countertops, kitchen and bathroom cabinets, new bathroom fixtures, toilets and garbage disposals. Common or site area renovations will consist of updating accessibility for ADA compliance, concrete repairs, common area updates and landscaping. The rehabilitation is expected to begin in July 2018 and be completed in March 2019. This financing will retain 80 units of affordable housing in the City of Hayward for the next 55 years.