In 2017, CPP completed its rehabilitation of Monte Vista Gardens, a community that is 80 percent affordable and 20 percent market rate. Located in San Jose, Calif., the nation’s fastest-rising rental market, Monte Vista Gardens features premiere amenities including a resort-style swimming pool decked out with a Jacuzzi and cabanas. The 144-unit community was purchased in 2016, and a $5.5 million rehabilitation joint venture with the non-profit Jamboree Housing was completed in 2017.
In a partnership with Jamboree Housing, CPP renovated the property without having to relocate any residents. Under the transaction structure secured by CPP, the families who live there will be able to stay without fear of being displaced.
California Debt Limit Allocation Committee
California Tax Credit Allocation Committee
California Housing Finance Agency
Citi Bank, NA
WNC & Associates, Inc.
Community Preservation Partners
United Renovation Specialty Group
Irwin Partners Architects
City of San Jose
Monte Vista Gardens Residents
Following CPP’s extensive renovation, Monte Vista Gardens residents take advantage of the following amenities: