IRVINE,  Calif. (Aug. 27, 2019) – In a deal that helps keep 154 Pueblo, Colo.,  families in their homes and prevents rents from immediately increasing,  Southern California-based Community Preservation Partners (CPP) has acquired  and recapitalized the 47-year-old Casa Del Sol apartment community. The $22.6 million 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, Indiana and New Mexico.
The national affordable housing developer plans a massive renovation of the  property, which has not been maintained and still has original appliances,  cabinetry and windows from the 1970s. The rehabilitation is comprised of a $9  million purchase price, $7.4 million in construction and $6.2 million in soft  costs. It includes a 20-year project-base rental assistance contract with the  U.S. Department of Housing and Urban Development (HUD) and the securing of  low-income housing tax credits that require eight units to be restricted to  households earning 30 percent or less of the area median income (AMI) and 145  units to be restricted to 50 percent or less of the AMI.
“This important rehabilitation, our first in Colorado, will deepen the  affordability of Casa Del Sol for decades to come and modernize it to the  level of a market-rate community,” said Anand Kannan, president of CPP. “The seller’s previous contract with HUD expired last month, so we acted quickly  and creatively to prevent the community from a complete economic  collapse.”
Work will begin this month and is scheduled to be completed by July 2020.  Health and safety issues will be addressed as a top priority, Kannan said. Other improvements will include:
   • Exterior stairs, resealed asphalt and improved sidewalks
   • New roofing
   • Updated appliances
   • New flooring
   • Kitchen cabinets and counter tops
Additionally, eight units will be brought into compliance with the  Americans with Disabilities Act. Residents in those units may be relocated to a hotel at CPP’s expense for up to four weeks, while everyone else could be relocated for up to four days while their homes are being abated and exterior stairs are being replaced – also at the expense of the developer.
Financial partners on the Casa Del Sol rehabilitation include WNC &  Associates and the Housing Authority of the City of Pueblo.