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California Public Finance Authority

CalPFA Closes $11 MM Financing for Good Shepherd Homes Preservation, LP

CalPFA has provided $11 million of tax-exempt multifamily housing revenue bonds to Good Shepherd Homes Preservation, LP for the purpose of financing the acquisition, construction/rehabilitation and development of the Good Shepherd Homes Apartments. The rehabilitation of the 70 unit building is expected to be completed in September 2018 and will provide affordable apartments to seniors in the City of Inglewood.

Good Shepherd Homes consists of a mix of 10 studios and 59 one-bedroom units and 1 two-bedroom manager’s unit. All units will continue to be available to low income seniors with income levels at or below the 50 and 60 percent area median income (“AMI”) levels.  Project amenities include a meeting room, service coordinator, computer room, laundry facility, on?site management, on?site maintenance, intercom/electronic entry, perimeter fencing, video surveillance, open parking lot and covered parking.

CalPFA partnered withRed Stone and Orrick, Herrington, & Sutcliffe to provide financing to the Borrower for the acquisition and rehabilitation of this multifamily housing project.