At the latest ICFA board meeting, a resolution was passed authorizing the issuance of revenue refunding bonds to benefit the Pillar Ridge Mobile Home Park in Moss Beach, California. The project is a joint effort, carried out by the non-profit Millennium Housing and their affiliates, Coach of San Diego.
Millennium Housing bought the property in 2004. The park consists of 24 acres including a 5,500 square foot Community Building with a large meeting hall, billiards, kitchen, exercise room and park office. Next to the Community Building are a pool, basketball court and playground.
“It is always a pleasure doing business with ICFA,” said George Turk, President of Millennium Housing. “This refinance has lowered our annual debt payments by about $200,000/year, which will be a big help as we continue to upgrade this Park. ICFA’s continued support has allowed us to carry out our mission to provide quality affordable housing in California.”
For more information on Millennium Housing, visit their website by clicking here.