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 was growing faster than expected—Boston’s housing production goal increased to 69.000 new units.Looking at statistics and the affordable housing landscape nowadays. the target seems tough to achieve. According to Yardi Matrix’s latest Boston multifamily report, in the first seven months of last year, only about 300 units of the total 2,663 apartments that came online were affordable, the abundance of luxury units, rising construction costs and limited housing subsidies have been shrinking the affordable housing inventory since 2003. John Fraser, an experienced specialist that recently joined Community Preservation Partners (CPP) as senior project manager, agrees that affordable housing demand in Boston is severely outpacing supply. Fraser has extensive knowledge in working with state and local governments to source low-income housing tax credits. Since launching its eastern division a year ago, the affordable housing rehabilitation company acquired several communities in the region, including the 216-unit in Midlothian Apartments in Richmond. Va. Fraser is based in CPP’s new office in Reston, Va., but he has worked for The Community Builders in Boston for more than nine years. He managed all aspects of projects from initial feasibility, funding, design, construction to lease-up and stabilization.
How serious is the affordable housing crisis In Boston?
Fraser: The affordable housing crisis is very serious in Boston and not just at the very low-income side of the spectrum. It is also felt all the way up to the middle-income demographic. The problem here is the same as in many other hot real estate markets—supply has not kept pace with demand.The search for safe and affordable housing is pushing folks further from the employment centers, which is also exasperating the traffic problem in Boston. The solution is easy to identify, but hard to solve—build more housing—on the financing side. I'm intrigued by the corporate philanthropy that we're seeing in Seattle and Los Angeles, but we can’t rely on voluntary participation. One real solution is increased allocation of low-Income housing tax credits—both competitive and volume cap—as well as programs for middle-income families up to 160 percent of area’s median income.
The other side of the equation is pushing for local policies that encourage development rather than policies that make it unrealistically cumbersome on developers to build where the greatest demand exists.How are students at Boston-area universities influencing the affordable housing market in the metro?
Fraser: The main impact is increased competition for some of the more affordable market-rate housing in certain neighborhoods. It comes back to supply and demand, more demand for housing that is outpacing supply. There have been several new, ground-up developments of student housing in Boston, such as at Northeastern University and UMass-Boston, but the market could benefit from more. I'm also intrigued by news of private high-rise student housing coming to Boston, although concerned it will turn into a new sector of luxury rentals unattainable to the average student.
How have affordable housing projects on the East coast evolved over the past years?
Fraser: I see a continuing trend of more and more thoughtful development. There is more focus on the resident experience through amenities and resident services than ever before. Many new affordable housing developments are up to tier with market rate housing. Services and thoughtful design are not just altruistic goals, they are also smart business decisions. Making residents proud of their communities and giving them resources to improve their situation leads to lower turnover and more stable properties.
What type of sustainable features do you integrate more frequently in your projects?
Fraser: A key goal of any rehabilitation is to improve energy efficiency. Energy Star appliances, LED lighting, new HVAC systems—the cost of high-efficiency mini-split systems has decreased substantially over the years—new windows and air sealing are standard scope items on most preservation deals. The level of improved efficiency is often driven by state funding requirements and access to rebates and incentive programs. In Massachusetts, we have Mass Save and would love to see other states offer the same incentive programs for multifamily housing— often paid for by utility companies.
How old is the affordable housing stock on the East Coast and how do you manage to obtain the necessary funds for rehabilitation works?
Fraser: Most of the preservation opportunities we're seeing on the East Coast were built in the 1970s and 1980s, with some even older. This means that in addition to a typical rehabilitation—finish upgrades, modernization of kitchens and bathrooms etc.—we must seriously look at building systems, mainly the HVAC system and environmental concerns. Often focusing on the efficiency and safety aspects of a rehabilitation means you don't get to focus as much on the “fun" side like tenant amenities and cosmetic upgrades. Employing 4 percent LIHTC with tax-exempt bond financing, often boosted by a mark-up-to-market, or budget-based rent increase for Section 8 properties, is the typical formula for preservation that we have employed. However, with more competition for volume cap, higher construction costs and tighter equity markets, preservation developers need to be even more creative nowadays. On the East Coast and especially the New England states, we are lucky to have numerous programs and opportunities to offset some of these costs. Energy efficiency incentives and rebate programs often allow us to free up funds to focus on other scope items. We have also partnered with cities and artists to bring artwork to properties, which also lends some local character and tenant engagement to a project.
What aspects do you keep in mind when working with state and local governments?
Fraser: Most state governments understand what we are trying to accomplish and that we can be a valuable partner in development. Local governments can be more complicated. Even the most liberal communities can still suffer from NlIMBYism when it comes to affordable housing or higher-density housing in general. It is critical to understand the political climate when entering a new geography. When in the hot seat, defending a project to a town council or a community, I try to remember the human aspect of our projects—we are building and preserving homes where people will live, and families will be raised.
CPP, a mission-driven affordable housing preservation developer, in partnership with Housing New Mexico, Bernalillo County, Near North Valley Neighborhood Association, and the City of Albuquerque, has announced the acquisition and planned renovation of St. Anthony Plaza Apartments, an affordable housing complex in Albuquerque, N.M.. This is the 39th community in New Mexico for CPP.
St. Anthony Plaza Apartments is located at 1750 Indian School Road NW in the Near North Valley region of Albuquerque. Originally built in 1975 and designed to accomodate multigenerational living, the property is in need of substantial rehabilitations. St. Anthony Plaza offers 46 one-bedroom, 76 two-bedroom, 24 three-bedroom and 14 four-bedroom units across 11, two-story buildings. CPP’s total development investment is approximately $70M, which includes the purchase price of $27.16M and estimated renovation costs of approximately $122,000 per unit.
“Currently, over half of the renters in Albuquerque are cost burdened, meaning they are spending more than 30% of their income on housing,” said Belinda Lee, Vice President of Development at CPP. “The acquisition and redevelopment of St. Anthony Plaza will help preserve and improve much-needed affordable housing for the city, ensuring that low-income families have a safe, stable place to call home.”
St. Anthony Plaza is set to undergo a transformative renovation, bringing modern, energy-efficient upgrades that will enhance both sustainability and resident comfort. These improvements will include state-of-the-art Energy Star-rated appliances, new windows designed for efficiency, and LED lighting throughout the community. Water conservation will be a key focus, with low-flow and flush-rated plumbing fixtures and a full domestic water repipe. Residents will also benefit from a brand-new heating and cooling system, along with crucial electrical upgrades. Inside each unit, healthier living spaces will be created with low-VOC flooring, paint, and adhesives, as well as formaldehyde-free cabinets and countertops. In addition, accessibility improvements will ensure smooth, compliant pathways to residences, amenities, and parking, with enhanced common areas and restrooms designed to better serve all residents.
Beyond the interiors, the exterior of St. Anthony Plaza will receive a much-needed facelift, including stucco repairs, fresh paint, and new roofing to improve both aesthetics and durability. The community’s outdoor spaces will also see major enhancements, including resurfaced and restriped parking across 10 acres, improved drainage and erosion control, and ACM remediation. Safety and security remain a top priority, with plans for additional lighting, a new 6-foot perimeter fence, and controlled access to create a more secure and welcoming environment. These upgrades reflect a steadfast commitment to providing a modern, accessible, and vibrant community where residents can feel safe and comfortable.
“At CPP, we are dedicated to preserving and enhancing affordable housing communities that provide stability for families and individuals,” said Alexis Castillo, Assistant Development Manager at CPP. “The renovations at St. Anthony Plaza will not only improve the quality of life for residents through modern, energy-efficient upgrades but also ensure long-term affordability for generations to come. We are proud to partner with local organizations to bring these critical improvements to Albuquerque’s Near North Valley community.”
CPP is partnering with LifeSTEPS to provide on-site adult education, health and wellness, and skill-building classes and services to residents.
Renovations are expected to be complete by Spring 2026. The property’s affordability was set to expire in October 2025, but with CPP’s involvement, the Section-8 Housing Assistance Payment (HAP) contract will be renewed for 20 years. Additionally, the property will encumber a new Land Use Restrictive Agreement (LURA) to ensure affordability for 30 years. All units will be income restricted to family households at or below 60% of Area Median Income (AMI).
Additional partners on the project include Bernalillo County, who will issue $33,500,000 in tax-exempt multifamily housing revenue bonds. Ready Capital will provide the financing by purchasing bonds through a private placement. PNC will serve as the equity investor.
CPP, a mission-driven affordable housing preservation developer, has announced the acquisition and planned renovation of Ramona Park, an affordable housing complex in Baldwin Park, Calif. This is CPP’s fourth project in the Los Angeles area in the past year.
Ramona Park is located at 13870 Ramona Boulevard in Baldwin Park, approximately 15 miles east of Downtown Los Angeles. Designed with families in mind, the property is comprised of eight, two-story, garden-style buildings which house 49 one-, two-, and three-bedroom units. Community amenities include a community room, playground, and laundry room, as well as on-site management. CPP plans to invest $75,000 per unit in renovations.
"The renovations at Ramona Park reflect our ongoing commitment to preserving and enhancing affordable housing in Metro Los Angeles, where the need has never been greater. With more than 500,000 low-income households in the region struggling to find affordable rental options, it is critical that we invest in maintaining and modernizing these communities,” said Belinda Lee, Vice President of Development at CPP. “This acquisition, preservation and rehabilitation of the property will not only improve the quality of life for our residents but also ensure long-term sustainability, accessibility, and security for families who call Ramona Park home."
Ramona Park is set to undergo significant renovations to address long-overdue maintenance needs. The improvements will include both interior and exterior upgrades, such as new windows, flooring, cabinets, countertops, appliances, and lighting. Additionally, ADA-compliant units and pathways will be enhanced to meet local accessibility requirements. As part of the revitalization, new amenities will be introduced, including a picnic area, bike racks, a business center, social services, and surveillance cameras.
“Preserving and improving affordable housing is essential to supporting the well-being of our communities. The renovations at Ramona Park will provide residents with safer, more modern homes while also enhancing accessibility and adding valuable amenities,” said Philip Choi, Development Manager at CPP.
CPP is partnering with LifeSTEPS to provide on-site, instructor-led adult education, health and wellness, and skill-building classes and services to residents.
Renovations are expected to be complete by the end of 2025. The property’s affordability was set to expire in October 2025, but with CPP’s involvement, the Section-8 Housing Assistance Payment (HAP) contract will be renewed for 20 years. All units will be income restricted to family households earning 30%, 40%, 50% and 60% percent of the Area Median Income (AMI).
Additional partners on the project include the California Tax Credit Allocation Committee (CTCAC), who issued and allocated 9% LIHTC. WNC & Associates serves as the equity partner. US Bank is providing construction financing and Capital One serves as the permanent lender, using a Freddie Mac product.
CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, in partnership with Bettencourt Properties and The Beneficial Housing Foundation, has announced the acquisition and planned renovation of Sundance Apartments, an affordable housing complex in Bakersfield, Calif. This is the first community in Bakersfield for CPP.
Sundance Apartments is located at 6000 White Lane in the Spice Tract neighborhood of Bakersfield. The convenient location allows residents easy access to multiple bus stops, as well as a nearby grocery store, shopping center and restaurants. Originally built in 1981, the property has not received any substantial rehabilitations. The property is comprised of 10, two-story buildings and an additional single-story building which contains the community room, laundry room, and leasing office. Designed to accommodate families, Sundance Apartments offers 40 two-bedroom and 20 three-bedroom units. CPP’s total development investment is approximately $32.5M, which includes the purchase price of $20M and estimated renovation costs of approximately $80,000 per unit.
“Bakersfield, like many cities in California, is experiencing an affordable housing crisis. In fact, studies indicate that nearly one-third of Bakersfield residents are spending more than 30% of their income on housing,” said Belinda Lee, Director of Development at CPP. “The preservation of Sundance Apartments’ 60 affordable units will play a part in helping to ensure that the Bakersfield affordable housing supply is maintained for years to come.”
Sundance Apartments will receive significant renovations aimed at improving the property’s energy efficiency and modernization. Specific improvements include the replacement of solar and electrical panels, HVAC units, water heaters and appliances. Additional interior upgrades include the modernization of bath and kitchen surrounds and fixtures, and replacement of unit flooring. Exterior improvements include roofing replacement, repairs to the property’s asphalt, pavement and paths of travel, as well as upgraded landscaping. CPP also plans to upgrade the property’s community room.
“By preserving 60 affordable units and investing in significant upgrades, we aim to ensure that these homes remain safe, energy-efficient, and sustainable for years to come. Our partnership with Bettencourt Properties and The Beneficial Housing Foundation underscores our shared commitment to providing quality, affordable housing to the communities that need it most,” said Alexis Castillo, Assistant Development Manager at CPP.
CPP is partnering with LifeSTEPS to provide on-site adult education, health and wellness, and skill-building classes and services to residents.
Renovations are expected to be complete by the end of 2025. The property’s affordability was set to expire in 2027, but with CPP’s involvement, the Section-8 Housing Assistance Payment (HAP) contract will be renewed for 20 years. Additionally, the property will encumber a new Land Use Restrictive Agreement (LURA) to ensure affordability for 55 years. All units will be income restricted to family households at 60% or below Area Median Income (AMI).
Additional partners on the project include the California Tax Credit Allocation Committee (CTCAC), who issued and allocated 9% LIHTC. WNC & Associates serves as the equity partner. Banner Bank is providing construction financing, while Key Bank serves as the permanent lender, using a Freddie Mac product.
CPP, a mission-driven affordable housing preservation developer, in partnership with Housing New Mexico, Bernalillo County, Near North Valley Neighborhood Association, and the City of Albuquerque, has announced the acquisition and planned renovation of St. Anthony Plaza Apartments, an affordable housing complex in Albuquerque, N.M.. This is the 39th community in New Mexico for CPP.
St. Anthony Plaza Apartments is located at 1750 Indian School Road NW in the Near North Valley region of Albuquerque. Originally built in 1975 and designed to accomodate multigenerational living, the property is in need of substantial rehabilitations. St. Anthony Plaza offers 46 one-bedroom, 76 two-bedroom, 24 three-bedroom and 14 four-bedroom units across 11, two-story buildings. CPP’s total development investment is approximately $70M, which includes the purchase price of $27.16M and estimated renovation costs of approximately $122,000 per unit.
“Currently, over half of the renters in Albuquerque are cost burdened, meaning they are spending more than 30% of their income on housing,” said Belinda Lee, Vice President of Development at CPP. “The acquisition and redevelopment of St. Anthony Plaza will help preserve and improve much-needed affordable housing for the city, ensuring that low-income families have a safe, stable place to call home.”
St. Anthony Plaza is set to undergo a transformative renovation, bringing modern, energy-efficient upgrades that will enhance both sustainability and resident comfort. These improvements will include state-of-the-art Energy Star-rated appliances, new windows designed for efficiency, and LED lighting throughout the community. Water conservation will be a key focus, with low-flow and flush-rated plumbing fixtures and a full domestic water repipe. Residents will also benefit from a brand-new heating and cooling system, along with crucial electrical upgrades. Inside each unit, healthier living spaces will be created with low-VOC flooring, paint, and adhesives, as well as formaldehyde-free cabinets and countertops. In addition, accessibility improvements will ensure smooth, compliant pathways to residences, amenities, and parking, with enhanced common areas and restrooms designed to better serve all residents.
Beyond the interiors, the exterior of St. Anthony Plaza will receive a much-needed facelift, including stucco repairs, fresh paint, and new roofing to improve both aesthetics and durability. The community’s outdoor spaces will also see major enhancements, including resurfaced and restriped parking across 10 acres, improved drainage and erosion control, and ACM remediation. Safety and security remain a top priority, with plans for additional lighting, a new 6-foot perimeter fence, and controlled access to create a more secure and welcoming environment. These upgrades reflect a steadfast commitment to providing a modern, accessible, and vibrant community where residents can feel safe and comfortable.
“At CPP, we are dedicated to preserving and enhancing affordable housing communities that provide stability for families and individuals,” said Alexis Castillo, Assistant Development Manager at CPP. “The renovations at St. Anthony Plaza will not only improve the quality of life for residents through modern, energy-efficient upgrades but also ensure long-term affordability for generations to come. We are proud to partner with local organizations to bring these critical improvements to Albuquerque’s Near North Valley community.”
CPP is partnering with LifeSTEPS to provide on-site adult education, health and wellness, and skill-building classes and services to residents.
Renovations are expected to be complete by Spring 2026. The property’s affordability was set to expire in October 2025, but with CPP’s involvement, the Section-8 Housing Assistance Payment (HAP) contract will be renewed for 20 years. Additionally, the property will encumber a new Land Use Restrictive Agreement (LURA) to ensure affordability for 30 years. All units will be income restricted to family households at or below 60% of Area Median Income (AMI).
Additional partners on the project include Bernalillo County, who will issue $33,500,000 in tax-exempt multifamily housing revenue bonds. Ready Capital will provide the financing by purchasing bonds through a private placement. PNC will serve as the equity investor.
CPP, a mission-driven affordable housing preservation developer, has announced the acquisition and planned renovation of Ramona Park, an affordable housing complex in Baldwin Park, Calif. This is CPP’s fourth project in the Los Angeles area in the past year.
Ramona Park is located at 13870 Ramona Boulevard in Baldwin Park, approximately 15 miles east of Downtown Los Angeles. Designed with families in mind, the property is comprised of eight, two-story, garden-style buildings which house 49 one-, two-, and three-bedroom units. Community amenities include a community room, playground, and laundry room, as well as on-site management. CPP plans to invest $75,000 per unit in renovations.
"The renovations at Ramona Park reflect our ongoing commitment to preserving and enhancing affordable housing in Metro Los Angeles, where the need has never been greater. With more than 500,000 low-income households in the region struggling to find affordable rental options, it is critical that we invest in maintaining and modernizing these communities,” said Belinda Lee, Vice President of Development at CPP. “This acquisition, preservation and rehabilitation of the property will not only improve the quality of life for our residents but also ensure long-term sustainability, accessibility, and security for families who call Ramona Park home."
Ramona Park is set to undergo significant renovations to address long-overdue maintenance needs. The improvements will include both interior and exterior upgrades, such as new windows, flooring, cabinets, countertops, appliances, and lighting. Additionally, ADA-compliant units and pathways will be enhanced to meet local accessibility requirements. As part of the revitalization, new amenities will be introduced, including a picnic area, bike racks, a business center, social services, and surveillance cameras.
“Preserving and improving affordable housing is essential to supporting the well-being of our communities. The renovations at Ramona Park will provide residents with safer, more modern homes while also enhancing accessibility and adding valuable amenities,” said Philip Choi, Development Manager at CPP.
CPP is partnering with LifeSTEPS to provide on-site, instructor-led adult education, health and wellness, and skill-building classes and services to residents.
Renovations are expected to be complete by the end of 2025. The property’s affordability was set to expire in October 2025, but with CPP’s involvement, the Section-8 Housing Assistance Payment (HAP) contract will be renewed for 20 years. All units will be income restricted to family households earning 30%, 40%, 50% and 60% percent of the Area Median Income (AMI).
Additional partners on the project include the California Tax Credit Allocation Committee (CTCAC), who issued and allocated 9% LIHTC. WNC & Associates serves as the equity partner. US Bank is providing construction financing and Capital One serves as the permanent lender, using a Freddie Mac product.
