Demographic trends and favorable bond market conditions have led to a surge of Authority-issued tax-exempt financing for senior living facilities. Authority members and non-profit sponsors realize efficiency and economy when using the Authority's financing program for these capital needs. In June 1998, the Authority delivered two noteworthy tax-exempt project financings for California seniors.
Episcopal Homes Foundation (EHF) is a thirty-three year old non-profit organization serving senior citizens in the Bay Area. EHF operates residential, medical and long-term care communities serving the physical, emotional, recreational, and spiritual needs of its residents. Through the Authority's program, EHF refinanced $116 million in outstanding prior indebtedness secured by two Continuing
Care Retirement Communities in San Francisco and Santa Rosa.
The San Francisco Towers (pictured above) opened in November 1997 with 250 apartments of various sizes, a formal dining area, private dining rooms and lounges, housekeeping services, a swimming and exercise pool and spa, and space for planned programs. The medical center has 55 skilled nursing beds and there are 12 personal care units. The Authority financing repaid $89.9 million of previous debt used to
construct this facility, originally issued as the California Health Facilities Financing Authority, Insured Revenue Bonds, $75,000,000 Series 1985 and $20,000,000
Series 1988.
Spring Lake Village is an EHF campus of two-story buildings scattered on a 26-acre
fully landscaped parcel in a rustic neighborhood setting in Santa Rosa. The facility
was completed in 1986 with 296 independent living residential units (apartments), 50
skilled nursing beds, and 10 personal care beds. The complex includes an indoor pool,
dining commons, and space for hobbies and other activities. The apartments comprise
studio, one, and two bedroom units and detached two bedroom cottages. The
Authority-issued financing repaid $19.5 million in prior debt on the property,
originally issued as the $23,375,000 City of Santa Rosa, Insured Revenue Refunding
Bonds, Series 1986.
The financing project will reduce operating costs for EHF by more than $29 million.
Scott Street Senior Housing is a new, non-profit corporation established to
build, own, and operate assisted living housing and services for both frail and
cognitively impaired seniors in San Francisco. The Authority issued $37,770,000 in
tax-exempt debt for Scott Street to fund construction of the Rhoda Haas Goldman Plaza
(pictured below). This 155-unit assisted living complex fills an essential role in
the City by broadening the spectrum of care marked by senior independent living at
one end and skilled nursing at the other.
The Board of Scott Street is comprised of representatives of Jewish Family and Children Services and Mt. Zion Health Systems. Combined, both Organizations have over a 160 year history of serving the social service and health needs of seniors in the Bay Area and current caseloads of over 7,500 seniors, with financial means ranging from the SSI level to upper income.
