After just 12 years in business, we are thrilled to announce we’ve surpassed a major benchmark, putting $1 billion back into communities that need it most.
This achievement comes amid economic headwinds for the affordable housing industry and speaks to the profound impact CPP has had on seniors and families in rural and urban areas.
Most of this investment milestone has gone toward major building improvements, individual unit renovations and the delivery of social services and community amenities. Additionally, CPP has invested in creating more environmentally sustainable communities and made structures safe from earthquakes through our seismic-retrofitting projects in California.
More than the sheer volume of investment, we are proud that by utilizing long-term agreements with federal and local government agencies, we can preserve affordability – often for 50 years or more – and enrich communities so they are indistinguishable from market rate apartments. It’s all about keeping people in their homes and improving the quality of their lives. When those two objectives are met, there is a value-added effect that kicks in and, hopefully, takes on a life of its own.
By executing on this combination, CPP has strengthened some of the most endangered neighborhoods and given residents a reason to be proud of their homes. Some of these communities have been acquired from private developers or nonprofits who were unable to maintain the properties at affordable levels. In some cases, we’ve partnered with municipal housing authorities that need to unload a property in order to stay above water.
Recently, we’ve been moving full speed, entering new markets and expanding our brand of affordable housing rehabilitation despite uncertainty within in the tax credit markets. As a wholly owned subsidiary of the well-capitalized affordable housing pioneer, WNC & Associates, Inc., we’ve been able to continue without missing a beat.
Despite the complexity of our deal structures, CPP continues to impress sellers and investors, alike, with our speed and ability to execute. While recent uncertainty in the tax landscape has caused some in the industry to pull back, CPP is moving full-steam ahead, rehabilitating and preserving affordability across the nation. It won’t be long before our next $1 billion is invested into even more communities in need.