For working-class citizens all over the nation, making rent can be monthly struggle, but the residents of Summer Field Apartments in Indio, Calif., won’t have to worry about a drastic increase thanks to a new affordable housing rehabilitation transaction closed by CPP.
The deal includes a $14 million rehabilitation, which will greatly improve the complex, and a recapitalization that will preserve affordability for all 268 apartments for the next 55 years, making it the largest tax credit asset in the city of Indio.
On top of that, CPP will provide the following services to residents:
- Expanded Head Start Program
- Homework services for students
- Afterschool care
- Computer literacy training
- Resume writing programs
- Job-placement services
It’s great to be able to help entire communities like this and to know that affordability will be preserved for decades to come. At the end of the day, CPP isn’t about real estate, construction or finance – we’re about people.
Community enrichment is at the heart of our mission, and we look forward to continuing our quest throughout California and beyond.