CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, today announced the closing of Coloma Woods apartments located in Rancho Cordova, Calif. The single-story senior housing development consists of 29 units, averaging 625 square feet per unit.
CPP plans a major renovation of the property to breathe new life into the community. Despite numerous repairs and upkeep over the years, the 1974 property has experienced deferred maintenance and normal wear and tear. This project furthers CPP’s mission as it will preserve another California property as affordable housing for at least the next 55 years. Preserving affordable housing is incredibly important, especially in California, where increases in housing costs continue to outpace other regions of the country.
“Preserving affordable housing is a critical component in keeping families and seniors in their communities,” said Jack Aronson, Vice President of Acquisitions at CPP. “It’s especially gratifying to see the effect this project will have in helping relieve the pressure during a continuing housing crisis.”
The extensive renovation will include new kitchen and vanity cabinets, as well as updated countertops, vinyl flooring, paint, toilets, mirrors, Energy Star appliances, window blinds, sinks, faucets, disposals, shower trim, LED lights and light fixtures. On the exterior, renovations include new roofing, energy efficient windows, heat pumps, video surveillance, community Wi-Fi, and new business and storage centers.
CPP’s total development investment is expected to be approximately $15.5 million, with a purchase price of $9 million and a total investment in renovations of $3.85 million. Construction begins in January 2023 and is expected to be completed by December 2023. CPP is working to ensure that impact on residents will be as minimal as possible.
“During the renovations, residents will only need to vacate their unit from the hours of 8am to 5pm for approximately five days and will be able return to their apartment each evening,” said Karen Buckland, Vice President of Development at CPP. “No permanent relocation of renters is anticipated.”
As part of its work, CPP partners with other organizations on renovation projects to help set up support systems. At this location, LifeSTEPS will provide adult educational classes as well as health and wellness services for residents.
“We are proud to work with partners like LifeSTEPS to provide a well-rounded experience for our residents,” said Anand Kannan, President at CPP. “While the physical renovations of the property are important, offering opportunities for continued education and services can make an even bigger impact on our residents’ lives.”
The project will benefit from 9% tax credits provided by CTCAC. The tax credits will be purchased by WNC. The debt financing will be a 221d(4) loan through Greystone Housing Impact. The Foundation for Affordable Housing (non-profit) will serve as the general partner.