As rents continue to increase unabated throughout the nation, virtually no region is exempt. This includes Southern California and the San Francisco Bay Area – CPP’s two main territories that comprise more than half of our 4,600-plus unit affordable housing portfolio.
Unfortunately, the American affordability crisis spans far beyond California’s borders, and CPP is committed to preserving communities and keeping people in their homes all over the United States. Through our vast network of public- and private-sector partnerships, we have rehabilitated and continue to maintain the affordability of housing units in New York, Indiana, New Mexico and Nevada. Now, we are happy to add the state of Oregon to this growing list.
In a recent deal with Home Forward, the housing authority serving the Portland, Ore., area, CPP acquired Plaza Townhomes and plans to invest more than $50,000 per unit into the property, improving the security and infrastructure and adding amenities for residents to enjoy. These include an afterschool program, a community area with an office, computer lab, kitchen, playground, meeting room, storage and laundry facility.
This project will bring much needed assistance to low-income families in the North Portland neighborhood, and we look forward to expanding our footprint in the Pacific Northwest. The region has been hit hard by skyrocketing rents and thousands of families and senior citizens are struggling to stay in their homes.
Even as the general economy improves in cities like Seattle and San Jose, many are left behind and depend on public programs just to get by. When government programs tied to affordable housing buildings expire, they require new investments to prolong affordability.
Whether owned by a private developer or as in the case of Plaza Townhomes, a nonprofit housing authority, the aging buildings of the Pacific Northwest need to be renovated in a manner that extends affordability to the tenants. CPP’s rehabilitation of Plaza Townhomes will extend those affordability programs for residents by 30 years.
We are happy to help preserve this community and look forward to serving many more like it in the region.