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December 2, 2021
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CPP Housing Expands Portfolio to Arizona With Completion of Three Affordable Housing Communities

Community Preservation Partners (CPP), one of the nation’s most active affordable housing preservation developers, today announced completed renovations on three family-focused communities in Arizona: Buckeye Villa (Buckeye), Morningside Villa (Phoenix) and Tempe Villa (Tempe). CPP acquired the HUD Section 8 properties in February for $30 million, bringing them into the low-income housing tax credit (LIHTC) program and deepening the affordability for another 20 years.

“Everyone has the fundamental right to quality and affordable housing, and the three Arizona projects showcase CPP’s dedication to preservation work that creates a more sustainable future,” said Anand Kannan, president at CPP. “By engaging with new local partners, we were able to provide high-quality renovations that truly matter to the residents, while safeguarding rents and providing stability for families.”  

At $51 million, the total development cost included extensive renovations. All 170 units across the three properties received new stainless-steel appliances, cabinets, flooring, quartz kitchen counters and bath vanities (including sinks and faucets), LED light fixtures, windows and cordless blinds. On the exterior, CPP installed new roofs, benches and bike racks, and refreshed the exterior paint and landscaping. CPP also upgraded overall site accessibility including accessible laundry equipment.

CPP minimized the impact on residents by completing construction on each of the three properties in just three months. Additionally, the firm provided existing residents access to moving companies, hotel accommodations and meal stipends during construction. Committed to investing in residents for the long-term, CPP is partnering with Rainbow Housing to provide support services starting in January 2022, including financial literacy, employment readiness, health/nutrition and other programs to help elevate the community.

CPP worked with like-minded partners including the Foundation for Affordable Housing (non-profit partner and managing general partner), Greystone (lender and broker), WNC (equity investor), Arizona Department of Housing (tax credit agency), Ware Malcomb (architect), MFRG-ICON (general contractor), Step Builder, LLC (local counsel and consultant) and MEB Management (property manager). The financing included a Freddie Mac Tax-Exempt Loan from Greystone, and Freddie Mac also invested equity through WNC.

CPP continues its aggressive growth initiative to expand its footprint across the country. Communities recently closed in the U.S. have led the company to deepen the affordability of neighborhoods across Colorado, Utah, Montana, New Jersey, New Mexico, New York, Oregon, Pennsylvania, Tennessee, North Carolina, Connecticut and Virginia, in addition to its long history of providing affordable housing solutions across the state of California.

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November 15, 2021
Featured
Community Preservation Partners (CPP) Appoints Belinda Oakes as New Chief Financial Officer

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. Working closely with various divisions throughout the company, she will provide strategic direction to support CPP’s plans to grow its acquisition and development pipeline across the U.S.

“Belinda has significant experience and is an industry leader specialized in affordable housing finance,” said Anand Kannan, president of CPP. “She brings an unmatched level of sophistication and expertise to our accounting and finance team that will serve as the backbone to the tremendous growth we are anticipating at CPP over the next several years. We look forward to being led by the best in the business during this next chapter.”

As part of the executive leadership team, Oakes will lead the controller function and oversee accounting functions including business planning and financial forecasts, in addition to sharing in the oversight of housing acquisition and re-syndication activities. She will work collaboratively with the asset management, development and construction management teams to elevate deals, analyze potential capital transactions, provide long-term goals and assist with forecasting. Additionally, she will foster banking, legal and other strategic relationships to further the growth potential of CPP.

“Having been part of the industry for more than 20 years, I understand the importance of affordable housing preservation,” said Oakes. “I have always admired CPP for their ability to get deals done and prowess to execute on their purpose of preserving affordable housing. I am excited to join an organization whose goals are aligned with my professional experience and personal passion for company culture and vision.”

Prior to joining CPP, Oakes spent more than 19 years at Highridge Costa Companies, in a series of roles, most recently as vice president accounting and taxation. Earlier in her career she spent time at Novogradac & Company LLP, Oracle and Arthur Andersen. She volunteers as the treasurer and CFO of the Hermosa Beach Education Foundation. She received her Bachelor of Science in accounting from Golden Gate University and is a certified public accountant. Oakes resides in Hermosa Beach, California with her husband and son.

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November 11, 2021
Featured
CPP Housing Undergoes $46.3 Million Affordable Housing Project in Raleigh, North Carolina

Community Preservation Partners (CPP), one of the nation’s most active affordable housing preservation developers, today announced the acquisition of Chandler Ridge Apartments, a 228-unit mixed-income community in Raleigh, North Carolina for $26 million. Purchased with 4% low-income tax credit equity, the deal preserves affordability for those earning 60% AMI or lower for an additional 30 years, while also extending affordability to 37 formerly market-rate units. Located at 4900 Chandler Ridge Circle, the property marks the company’s entry into North Carolina with plans to close on another property before the end of the year.

“As the second-fastest growing metro area in the U.S., Raleigh’s housing market is facing enormous pressure with few affordable options for renters, especially low-income families,” said Seth Gellis, senior vice president of CPP East. “By acquiring Chandler Ridge Apartments, we are able to preserve and extend the extremely scarce resource of affordable housing for more than 700 residents, while providing a meaningful renovation that will bring a new sense of pride to the community.”

Sitting on 18 acres, Chandler Ridge Apartments consists of 19 three-story garden-style buildings with 16 one-bedroom, 152 two-bedroom and 60 three-bedroom units. CPP is investing $60,000 per unit in construction renovations, including the modernization of building systems, secured access, new roofing and an upgrade to the exterior façade. Interior units will receive new Energy-star refrigerators, WaterSense toilets, electric ranges with hoods, dishwashers, garbage disposals and washer/dryer hookups, plus new flooring, cabinets, sinks and granite countertops. Upgrades will be made to the community amenities, including new playground equipment, a covered bus-stop area for kids, a revitalized swimming pool, laundry facility, community room, business center and barbecue/picnic areas.

Construction begins November 2021 and is expected to complete in December 2022. CPP also will provide comprehensive services to enhance the wellbeing of residents, including educational programs for children and adults, health care resources, career readiness classes, financial resource management and community building activities.

“Being able to execute this deal over the course of the pandemic is testament to the creativity and commitment of our team and partners to preserve affordable housing and help address America’s housing shortage,” said John Fraser, director of developmentat CPP. “As long-term owners of our communities, we look forward to being good stewards of this community and expanding our presence in the state.” 

CPP financed the development with tax credit equity provided by PNC Bank and a loan from Redstone Tax-Exempt Funding with bonds issued by Wake County. Additional partners include general contractor MFRG-ICON and architect Ebersoldt & Associates.

CPP continues its aggressive growth initiative to expand its footprint across the country. Communities recently closed in the U.S. have led the company to deepen the affordability of neighborhoods across Colorado, Connecticut, Montana, North Carolina, New Jersey, New Mexico, New York, Oregon, Pennsylvania, Tennessee, Utah and Virginia, in addition to its long history of providing affordable housing solutions across the state of California.

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November 1, 2021
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CPP Housing Closes on Third New Mexico Portfolio, Providing Much-Needed Refinancing and Rehabiliation to 20 Rural Communities

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 began in 2019. CPP serves as the fee developer for J.L. Gray Company, who will own and operate the properties.


Purchased for $7.3 million with a 4% tax credit equity investment of $8 million, the central portfolio comprises 218 units across four family and two senior properties in the cities of Las Vegas, Portales, Artesia, Belen and Ruidoso Downs. Affordability for residents earning less than 60% AMI will be extended for another 35 years.

“In New Mexico, it is extraordinarily difficult for affordable housing communities in rural areas to secure the financing they need to address maintenance and rehabilitation,” said Anand Kannan, president at CPP. “With our experience in rural development, CPP was able to arrange the smaller communities into portfolios that would meet both the mortgage finance authority and the rural development requirements to make a reinvestment possible.”

CPP is overseeing the $32,000 per unit renovation, which includes energy efficient improvements such as new windows, interior/exterior lighting and fully upgraded kitchens and appliances. Common rooms and offices will be upgraded and outdoor playgrounds and gathering areas added. Exterior improvements include new roofs, metal staircases and paint, and accessibility will be addressed throughout the properties. Construction is expected to complete in August 2022.

“CPP navigated the complex and challenging process of gaining approvals through the state and county offices to close on the largest 4% bond deal in the state of New Mexico,” said Bobby Griffith, CFO/principal of J.L. Gray Company. “Thanks to their expertise and tenacity over the past three years, we are able to preserve more than 650 homes for families and seniors in these hard-to-reach areas.”

Financing partners for the central portfolio include Bonneville, who is providing a 538 USDA guaranteed loan, bond underwriter Stifle and New Mexico MFA, bond issuer. USDA Rural Development is subordinating the existing 515 loans.

CPP continues its aggressive growth initiative to preserve affordable housing communities across the country. Communities recently closed in the U.S. have led the company to deepen the affordability of neighborhoods across Colorado, Utah, Montana, New Jersey, New Mexico, New York, Oregon, Pennsylvania, Tennessee, Connecticut and Virginia, in addition to its long history of providing affordable housing solutions across the state of California.

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September 8, 2021
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Community Preservation Partners Debuts Refreshed Brand with Focus on Corporate Mission, Vision and Values; Anchors Organizational Identity for Next Phase of Accelerated Growth

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, rehabilitating and preserving affordable housing communities across the U.S. through big, bold and better solutions that build community and serve the greater good, so residents have a place to call home. The refreshed CPP brand is expressed in a new anthem video and is reflected across all internal and external properties, including the newly designed cpp-housing.com website, which features CPP’s revamped visual identity and delivers a more intuitive, simplified navigation experience for visitors.  

“From the beginning, CPP has employed a distinct approach to housing preservation, serving as a true partner in every sense and joining with leading nonprofits and strategic partners to provide essential social services to residents, support neighborhood initiatives and transform multifamily affordable housing communities,” said Anand Kannan, president, CPP.“The new brand positioning of Creativity, Performance, and Purpose reflects CPP’s core values and embodies everything the company does together these values define A Different Way To Home for employees, partners and communities.”

CPP’s refreshed brand coincides with the firm’s significant growth over the last 17 years. In 2004, CPP was formed by WNC & Associates as its development arm to promote the preservation of low-income housing and to assist existing owners and general partners with recapitalizing and revitalizing their affordable housing portfolios. In under 10 years, the firm has experienced 450% growth in its overall total portfolio, which includes more than 11,000 low-income housing units across the United States to-date. In 2018, the firm launched a new business division - CPP East -and expanded its footprint nationwide to deepen affordability for communities in Montana, New Jersey, New York, Pennsylvania, Tennessee, Connecticut and Virginia. As a result, more than 6,000 individuals across the East Coast have received brand-new upgraded apartments, exterior renovations, community amenities, linkage to vital programs and resources and more.

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September 7, 2021
Featured
CPP Hires Tom Gibson and Michael Anderson in Virginia to Support East Coast Growth

National affordable housing authority Community Preservation Partners has hired two affordable housing specialists, Tom Gibson and Michael Anderson, to support the growth of its East Coast division and the company’s efforts to obtain and preserve affordable communities across the United States.

Gibson joins the firm as senior development manager and Anderson joins as senior acquisitions associate. Gibson will be responsible for assembling and managing all external team members across various stages of development, including financiers, architects, designers, engineers and contractors. Anderson will be responsible for identifying, analyzing and structuring the acquisition of affordable housing opportunities to grow CPP’s investment portfolio, expanding the company’s footprint east of the Rocky Mountains.

CPP East’s portfolio currently includes $450 million in investments toward 2,000 affordable housing units across 13 communities in eight states.

Source: Connect CRE

https://www.connectcre.com/stories/cpp-hires-tom-gibson-and-michael-anderson-in-virginia-to-support-east-coast-growth

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