The Latest News from CPP

America’s affordable housing crisis is nearing a breaking point. More than 10 million extremely low-income renter households compete for too few affordable units, creating a shortage of 7.1 million homes. Federal rental assistance programs help families, but many more remain on waiting lists or in precarious situations. At the time

In California, the cost of housing is among the highest in the country, making affordable housing essential for many working families. The Area Median Income (AMI) is used to determine eligibility for many publicly-funded affordable housing programs, particularly through the Low-Income Housing Tax Credit (LIHTC). According to the Department of

By: Belinda Lee, Director – Development The Low-Income Housing Tax Credit (LIHTC) program has been an essential component of affordable housing finance since it was enacted as a part of the Tax Reform Act of 1986. Originally created as a tool to encourage public-private partnerships to increase the low-income housing

Affordable housing refers to housing that is reasonably priced, allowing low- and moderate-income individuals or families to live comfortably without spending an excessive portion of their income on housing. Typically, the standard guideline is that housing costs, including rent and/or mortgage payments and utilities, should not exceed 30% of a

Originally published on Forbes Business Councils by Seth Gellis, President of CPP. With the continued urgent need for more affordable housing across the country, industry experts and academics are looking for solutions, whether they involve preserving existing communities nationwide or creating additional units where they are needed most. According to

CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer has announced the acquisition and planned renovation of Canoga Park Apartments, an affordable housing development in Los Angeles, Calif. This is the fifth community in the greater Los Angeles area for CPP and the 60th in the state. Built in

Originally published on Forbes Business Councils by Seth Gellis, President of CPP. It’s no secret that there is a nationwide housing crisis. According to the National Low Income Housing Council, “there is a shortage of more than 7 million affordable homes for our nation’s 10.8 million plus extremely low-income families.”

Community Preservation Partners (CPP), one of the nation’s most active affordable housing preservation developers, today announced the appointment of Belinda Oakes as chief financial officer. Oakes will be responsible for the development, oversight and maintenance of financial policies and accounting systems and functions, ensuring proper financial controls are in place.

Community Preservation Partners (CPP Housing), a national affordable housing developer committed to creativity, performance and purpose, today announced the closing of six rural communities in Central New Mexico. This marks the final installment in a total grouping of 654 units in 20 properties across 10 counties in the state that

Community Preservation Partners (CPP Housing), one of the nation’s most active preservation developers, today announced its brand relaunch, including a new logo, messaging platform, visual identity and revamped website. Positioned with the new tagline, “Creativity. Performance. Purpose. A Different Way to Home.,” the new branding underscores CPP’s mission of revitalizing,

Community Preservation Partners (CPP Housing), the nation’s third most active preservation developer, today announced the addition of two affordable housing specialists, Tom Gibson, senior development manager, and Michael Anderson, senior acquisitions associate, to support the growth of its East Coast division and the company’s dedicated efforts to obtain and preserve

Authority Magazine’s Jason Hartman conducted an in-depth interview with CPP Senior Vice President Seth Gellis for its series, “How We Are Helping To Make Housing More Affordable.” Read on to learn more about Seth, who heads up our Eastern Division, including some interesting stories, his favorite life lesson from Steve

Community Preservation Partners (CPP) is proud to have been recognized twice by the Multi-Housing News 2020 Excellence Awards, bringing home Silver awards in both the “Development Company of the Year” and “Transaction of the Year” categories. The MHN Excellence Awards recognize the best projects, people and transactions in the multifamily

L+M Development Partners and Community Preservation Partners (CPP) have acquired an affordable housing in East Orange, New Jersey, for $94 million, with plans to invest $29 million to rehabilitate it. L+M Development, based in Larchmont, New York, and Community Preservation Partners, headquartered in Irvine, California, in a joint venture have

A joint venture has started construction on a $123 million overhaul of a 40-year-old, 406-unit affordable housing property in East Orange. The investment group, which includes Community Preservation Partners and L+M Development Partners, announced this week that they’ve purchased the Harman Towers complex on Walnut Street for $94 million and

POTSDAM — Less than a year after acquiring the 137-unit Lawrence Avenue Apartments in Potsdam, Community Preservation Partners (CPP) has completed its $24.5M rehabilitation of the property. At the time CPP acquired the community, 20 of the dwellings had been in ruins for months following a fire. “We’re very pleased

Community Preservation Partners (CPP), in a partnership with The Hampstead Companies, has acquired its first property in Montana — the Ponderosa Acres Apartments located in Billings. The purchase is the first step in a rehabilitation project totaling $26.3 mil. First built in 1972 and last renovated in the late ‘90s,

Community Preservation Partners (CPP) has acquired its first property in Montana —the Ponderosa Acres Apartments located in Billings — in partnership with The Hampstead Cos., as part of a rehabilitation project totaling $26.3 million.First built in 1972 and last renovated in the late 1990s, the multifamily apartment property was purchased

A little bit of help can go a long way in troubled times. Few know this better than the elderly residents at CPP’s Golden West Tower apartments in Torrance. That’s where the good folks ofProject Access, which has long provided services to seniors at the complex, are providing an additional

Residents at Lenzen Square apartments in San Jose may notice a bit of color added to their community lately: a stunning mural that spans the underside of the atrium’s stairway. This work of art was the result of a collaboration between CPP and local artist Sarah Joy Espinoza-Evans – herself

In 2018, CPP and their partner, L&M Development Partners, purchased the community, which had not been renovated since 2001, for $370 mil and invested more than $50 mil in improvements, including the installation of wireless security and solar thermal systems throughout the sprawling 49-building campus. As a result of the

A 180-unit multifamily property in Torrance, the Golden West Tower, has sold for $74 million. Located at 3l50 Maricopa St., it was built in 1973 and consists of rent-subsidized units for seniors. The building was fully leased at the time of the sale, according to data from CoStar Group Inc.

While most of the attention in affordable housing remains focused on rent collection and resident stability, Anand Kannan, president of Community Preservation Partners, says COVID-19 has significantly affected how affordable housing deals are financed. “Typically, affordable housing deals are financed through debt and equity through the sale of tax credits,”

IRVINE, Calif., March 24, 2020 – Marking the biggest rehabilitation project in its 16-year history, national affordable housing developer Community Preservation Partners (CPP) is pleased to announce the completion of work at the 700-unit El Rancho Verde multifamily community in San Jose, Calif. In 2018, CPP and their partner, L&M

Co-developers Community Preservation Parkers and L+M Development Partners have wrapped up their rehabilitation of San Jose’s El Rancho Verde, a 700-unit affordable housing community, CPP said Tuesday.The duo acquired the East San Jose community from Clark Realty Capital for $370M in 2018 and has since invested more than $50M in

“Golden West Tower represents the ideal asset—it’s a community that is directly aligned with our mission and vision,” Karen Buckland, VP at CPP, tells GIobeSt.com. “This asset is an aging senior project that appears to be functioning fine on the surface, but when looked at closer it is tired and

Affordable housing developer Community Preservation Parkers and an investment firm acquired a 18o-unit senior housing apartment complex in Torrance. The joint venture will pour millions into renovations, and long-term plans will include converting the subsidized development to market-rate. Community Preservation Partners and Jonathan Rose Companies paid $74 million for the

Several of the region’s most robust senior living communities will be getting a facelift, thanks to a partnership between Presbyterian SeniorCare Network and Community Preservation Partners (CPP). The $52.5 million rehabilitation will revitalize homes at five SeniorCare sites, including the Bellmead Apartments and Heritage House of Houston in Washington County,

Community Preservation Partners has invested $2 billion in affordable housing communities. The significant milestone comes after two years of rapid expansion in which the company built a portfolio of 8,000 low-income housing units. As an example of the growth, the company invested its first billion over 13 years, since its

In a $103 million joint venture project, Community Preservation Partners (CPP) and Jonathan Rose Companies acquired a senior housing complex in Los Angeles County and will begin renovations this week. The JV on February 6 acquired the 180-unit Golden West Tower Apartments in Torrance for $73.25 million. The complex at

An Irvine-based company has acquired a 158-unit affordable housing complex in West Covina with plans to renovate the property and keep all units below market rent for the next 55 years.Community Preservation Partners (CPP) bought Cameron Park Apartments at 929 W. Cameron Ave. from Steadfast Cos. for $52 million, which

Demand for affordable housing is growing across the country, including in emerging markets like Denver. However, capital is catching on to the need for affordable housing, both on new development projects and LlHTC-backed rehab projects. This capital has been an important aspect of bringing more affordable housing to markets suffering

When Cedarwood Towers went on sale last year, Roger Brandt saw an opportunity for Rochester’s Cornerstone Group Ltd. Lo again make an impact on lives in Rochester.He was well aware that the twin-tower apartment community had, over 45 years, gone from community beacon to neighborhood eyesore.“It was a disaster,” said

Community Preservation Partners (CPP) has purchased the Cameron Park Apartments in West Covina, Calif., for $52 million. The acquisition deal includes nearly $10 million in renovations, plus measures to keep all 158 units at below-market levels for the next 55 years. Cameron Park Apartments was built in 1970 and received

The housing affordability crisis plaguing the nation has hit Denver. The metro is suffering from a loss of affordable and workforce housing and rising rents and new development are pushing vulnerable residents, like teachers and fire fighters, out of their homes. However, there are projects seeking to preserve affordable housing.

Community Preservation Partners (CPP) has acquired and recapitalized Casa Del Sol, a 47-year- old, 154-unit affordable housing community in Pueblo, CA. The $22.6 mil project marks the developer’s entry into Colorado — its ninth state. CPP also maintains rehabilitated and recapitalized homes in California, Utah, Oregon, New York, Virginia, Nevada,

Kids have more than enough to think about on back to school day as it is – what are they going to wear? who’s going to be in their class? Is the teacher nice? – but as excitement ramps up for their children, some parents struggle with a more dire

Community Preservation Partners (CPP) has been recognized as a finalist in Affordable Housing Finance’s 2019 Readers’ Choice Awards. The magazine recently announced that The Belt Atlantic, a 216-home multifamily community in Richmond, Va., is one of four finalists in the Preservation category. CPP is extremely proud to be considered for

Community Preservation Partners has revitalized The Curtis Johnson Apartments, a 48-unit property for low-income families in the Vermont Harbor neighborhood of Los Angeles. Out of the total $11.9 million rehabilitation, the company spent $4.5 million to purchase the asset from a private developer and $4.3 million on construction costs.(Earlier this

Community Preservation Partners has completed the renovation of Danbury Park Apartments in Antelope, Calif. The affordable housing community encompasses 140 units, out of which 14 have been remodeled and brought to Americans with Disabilities Act standards. The total $35.6 million rehabilitation includes an $18.5 million purchase and roughly $5 million

ANTELOPE, CALIF. — Community Preservation Partners (CPP) has completed the rehabilitation of Danbury Park Apartments, a 140-unit affordable housing community in Antelope, approximately 15 miles north of Sacramento. Located at 7840 Walerga Road, the community consists of 84 two-bedroom and 56 three-bedroom apartments. The $35.6 million rehabilitation includes an $18.5

The California based company Community Preservation Partners has officially announced its purchase of the Royal Arms apartments in Front Royal and plans for the property over time. CPP is an affordable housing rehabilitation company that owns more than 7,200 units and has over $1.5 billion invested in communities across the

A subsidiary of Irvine, Calif.-based property management company WNC Inc., Community Preservation Partners (CPP) is fulfilling its mission to became more actively involved in the Bay Area with the recent acquisition of downtown San Jose’s Lenzen Square apartment complex. CPP bought the 88-unit community, located at 790 Lenzen Ave., from

Community Preservation Partners (CPP) has expanded its East Coast portfolio by 144 units following the acquisition of Royal Arms in Front Royal, Va. The 9.5 million transaction marked the rehabilitation company’s second purchase of an affordable housing property in the state. Last year, CPP acquired The Belt Atlantic in Richmond,

Five years ago, Boston Mayor Martin Walsh released a comprehensive plan designed to address the housing needs of the city’s growing population. Local authorities talked about the necessity to create 53,000 new units of housing for various income levels by 2030. In 2018, the figures were updated because the population

Community Preservation Partners (CPP) announced that it has secured financing for a major renovation of a 206- unit senior housing community in Rochester, N.Y. The rehabilitation is underway in partnership with Rochester’s Cornerstone Group, a Rochester-based developer which will serve as co-developer and the community’s property manager. “We are excited