The CMFA Works with Standard Property Company to Finance Affordable Housing with Tax-Exempt Financing of $35,210,000
The CMFA issued $35,210,000 in tax-exempt financing for the Heritage Apartments project. Heritage Apartments is an existing project located in Chula Vista on a 6.6-acre site. The project consists of 268 restricted rental units and 3 unrestricted manager units distributed as 90 one-bedroom units, 115 two-bedroom units, 54 three-bedroom units and 12 four-bedroom units. Building exterior renovations include a new roof, waterproofing of elevated walkways and landings and fresh paint. Interior renovations include elevator modernization and upgrades to the community room, laundry facilities, management offices and common area corridors. Individual units will be updated with new kitchen appliances, cabinets, countertops, flooring, A/C units, water heaters, fresh paint, with upgrades to the plumbing and electrical systems. Site area renovations include resurfacing of the on-site children’s playground and new signage. The rehabilitation is expected to begin in January 2019 and be completed in December 2019. The financing of this project will result in preserving affordable housing for 268 low-income households in the City of Chula Vista for another 55 years.