PARTNERSHIPS
In 2013, the transaction closed with a purchase price of approximately $5 million through a mix of 9% tax credits and a conventional loan from Citi.
A wholly owned subsidiary of WNC & Associates, CPP was able to close on the tax credits in August 2013 after originally purchasing the asset in February 2013 on a bridge loan with Century Housing using Golden State Acquisition Funds – Prop 1 C financing to satisfy the capital needs of the County of San Joaquin.
CPP, interested in maximizing the benefits to the residents, strategically partnered with the nonprofit Rainbow Housing Assistance Corporation to continue and expand the services offered to the residents.