CPP a mission-driven affordable housing preservation developer, and WNC & Associates a family-owned business known as both a pioneer and leader in the affordable housing industry, have announced the acquisition and planned renovation of Euclid Villas in El Centro, Calif.. The acquisition is in partnership with Bettencourt Properties, Inc. and The Beneficial Housing Foundation.
Built in 1982, Euclid Villas is located at 1735 W. Euclid Ave. A, and is a 42-unit family property Comprised of five two-story walk-up buildings, the property offers two- and three-bedroom layouts. CPP’s total development investment is approximately $14,850,000, which includes the purchase price of $7,250,000 and an estimated per unit renovation cost of $81,200.
“The need for affordable housing is greater than ever. Since 2000, median rent has increased 38%, while median renter household income has only increased by 7%,” said Karen Buckland, Vice President, Development at CPP. “CPP is proud to partner with Bettencourt Properties, Inc. and The Beneficial Housing Foundation to revitalize Euclid Villas and ensure that it remains affordable for current and future residents.”
The total site renovation will address years of deferred maintenance and will bring modernization, increased accessibility, and energy efficiency to the community. Euclid Villas will receive extensive improvements targeting energy efficiency, such as new HVAC units, updated energy-efficient appliances in each unit, new water heaters, and LED lights and fixtures. Units will also receive new toilets, vanities and mirrors, and vinyl plank flooring throughout. Additionally, 5% of units will be upgraded to meet ADA compliance.
“WNC is proud to partner with CPP on another affordable housing project,” said Anil Advani, Executive Vice President of Originations and Finance at WNC. “We look forward to seeing the positive impact that these homes have in the community.”
Common area upgrades will include roof and skylight replacement, along with upgrading all windows to dual pane. Exteriors will receive new paint, exterior LED lighting upgrades, and stair and railing work. Other community upgrades include the construction of a new community and office building, new community signage, parking lot repair, resealing and restriping, and the installation of a new playground.
“When addressing affordable housing needs in communities, it is important to look beyond the physical needs of the property. The upgrades at Euclid Villas are aimed at addressing comprehensive resident needs, including community-making and support services,” said Ron Bettencourt, President at Bettencourt Properties, Inc.
Additionally, Euclid Villas residents will be able to participate in adult education, health and wellness, and skill-building classes and services provided by LifeSteps. Classes include financial literacy, computer training, home-buyer education, GED, resume-building, and art and parenting education, among others. Health and wellness services include crisis intervention, counseling and emotional support, eviction prevention, and physical and mental health assessments, among others.
“Shelter is a basic need that is becoming increasingly unaffordable in California,” said Kimberley McClintock, CEO at The Beneficial Housing Foundation. “Through the preservation of Euclid Villas, we will provide much needed affordable housing in El Centro.”
The property’s Housing Assistance Payment (HAP) Section 8 contract was set to expire, but with CPP’s involvement, the contract will be preserved for another 20 years. Additionally, the property encumbered a new Land Use Restriction Agreement (LURA). As a result, the homes will now remain affordable and prevent displacement of residents earning 60% of AMI or less for 55 years.
Renovations are expected to be completed in December 2024. Partners on the project include the California Tax Credit Allocation Committee (CTCAC), who issued 9% low-income housing tax credits; California Bank and Trust will serve as the lender; and WNC & Associates provided equity financing.
CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, has announced the acquisition and planned renovation of Green Hotel Apartments, an affordable senior (62+) apartment complex in downtown Pasadena, Calif. This is the 15th community in the greater Los Angeles area for CPP and the 41st in the state.
Built in the 1890s, Green Hotel Apartments is listed on the National Register of Historic Places and is a Pasadena Historic Monument. Located at 50 E. Green Street, the 139-unit property is a seven-story mix of studio and one-bedroom units serving seniors earning between 30 and 60 percent of the area median income (AMI). CPP’s total development investment is approximately $100,000,000, which includes the purchase price of $54,000,000 and an estimated per unit renovation cost of $115,000.
“Green Hotel Apartments is a unique opportunity for CPP to renovate a historic property with modern systems while carefully restoring the exterior to its original historic charm and architectural integrity,” said Seth Gellis, President at CPP. “Our experience in historic affordable housing preservation provides us with an asset which we look forward to utilizing on Green Hotel.”
CPP’s renovations will include building envelope restoration, new flooring, countertops, appliances, and lighting, and upgrades to ADA units and ADA paths of travel. Wi-Fi will be installed throughout the units. CPP plans to develop a community space to include a theater, conference rooms, business center, multipurpose room, and library. Windows and air conditioning systems will be replaced in such a way as to look like the original building.
As part of CPP’s community work, Green Hotel Apartments residents will be able to participate in on-site health, education, and employment services through a partnership with Project Access.
The property’s affordability was set to expire in July 2035. Affordability will be deepened and renewed for at least 20 more years under a renewed Section-8 Housing Assistance Payment (HAP) contract and 55 years under the new CA Tax Credit Regulatory Agreement that will be implemented post-renovation.
“Green Hotel Apartments is currently at 100% occupation with a full waitlist, reflecting the high demand for affordable senior housing options in the area,” said Belinda Lee, Director – Development at CPP. “We’re pleased to preserve this historic landmark and provide much-needed housing for the Old Pasadena neighborhood.”
Partners on the project include the California Tax Credit Allocation Committee (CTCAC) and California Debt Limit Allocation Committee, who issued 4% tax credits and bonds, California Municipal Finance Authority, U.S. Department of Housing and Urban Development (HUD), WNC and Associates, Citibank N.A., California Bank and Trust, Belveron, and Goldrich Kest.
CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, has announced the acquisition and planned renovation of Elmore Roberts in Great Falls, Mont. This is CPP's third project in Great Falls, following its acquisition of Sunshine Village and Broadview Manor in 2023.
Located at 6 6th Street S in the heart of downtown Great Falls, the property is a 60-unit family property comprised of 30 one-bedroom units and 30 two-bedroom units. CPP’s total development investment is approximately $13,200,000, which includes the purchase price of $3,150,000 and an estimated per unit renovation cost of $97,000.
Elmore Roberts was originally built in 1917 by William Roberts, who played a prominent role in the development of downtown Great Falls in the late 1800s and early 1900s. At the time of its construction, the Elmore Roberts building represented one of the city's most modern and elegant commercial and residential facilities, and included amenities such as gas and electricity, steam heating, porter and maid service, and private telephone hookups. The property, which was converted into an apartment community in 2007, is included in the National Registry of Historic Places Inventory under the National Parks Service.
“Data shows that over 40% of households in the Great Falls region are rent overburdened, and the local housing authority maintains a waitlist of more than 200 households looking for affordable options,” said Karen Buckland, Vice President, Development at CPP. “CPP is proud to play a role in revitalizing this historic Great Falls property and ensuring its affordability for the next 50 years.”
The total site renovation will address years of deferred maintenance and outdated systems, including ADA accessibility, and focus on increasing sustainability across the property. In-unit kitchen renovations will include new formaldehyde-free cabinets and countertops, Energy Star refrigerators, and updated ranges and range hoods. Units will also receive low-flow toilets, updated showerheads and faucets, LED lighting upgrades and a new coat of low-VOC paint. Following completion, the project will meet the Green Building and Energy Conservation Standards of the Montana Board of Housing.
Exterior and community upgrades include new windows, roofing and gas furnaces. Path of travel upgrades, parking lot restripe, brick pointing, and pressure washing will also be completed. The property will receive upgrades to its laundry room and the creation of a community area with a computer room.
Non-profit partner NeighborWorks Great Falls will provide services to individuals and families who reside at Elmore Roberts. Services include rental and financial capabilities counseling, providing connections to local financial resources, and homeownership counseling.
The property’s two ModRehab contracts were set to expire in 2024, but with CPP’s involvement, a new 20-year HAP contract will be put in place. In addition, the units will be restricted at 50% of area median income (AMI) for a period of 50 years under the LIHTC program.
Renovations are expected to be completed in December 2024. Partners on the project include WNC & Associates, who purchased 9% tax credits and historic federal tax credits; Glacier Bank provided construction financing; MBOH provided a permanent loan via the Coal Trust Multifamily Homes program; Montana Healthcare Foundation provided a permanent loan (2nd position); the City of Great Falls provided TIF funds.
CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, today announced the acquisition and planned renovation of Crestview Terrace, an affordable housing development in Ellensburg, Wash.
Built in 1970, Crestview Terrace last underwent renovation in 2008, and has since experienced deferred maintenance. The development’s 168 units are spread across 76 single-story buildings, comprised of 95 one-bedroom units, 36 two-bedroom units, 26 three-bedroom units, and 9 four-bedroom units. The property is restricted to residents earning between 40% and 50% of the area median income (AMI). In addition to serving low-income individuals and families, the property serves a number of special needs groups including large families, persons with disabilities, and people experiencing homelessness.
“Over 50% of the households in the Ellensburg market are rent overburdened,” said Karen Buckland, Vice President - Development at CPP. “Both the property and the local housing authority maintain an extensive waitlist, underscoring the large demand for affordable housing in the area.”
Interior upgrades will include the installation of new kitchen cabinets, countertops, LVP flooring, Energy Star refrigerators, dishwashers, ranges and hoods, sinks, faucets, low-flow toilets and showerheads, mini-split HVAC units, water heaters, ceiling fans, and LED lighting. Exterior upgrades will include window replacement, new roofing and siding, sealcoat and striping of the parking lot, landscape improvements, ADA unit conversions, and path of travel improvements, along with the addition of a dog park and community garden.
The property’s affordability status was set to expire in 25 years, but with CPP’s involvement, it will now remain affordable housing for the next 40 years.
“The housing needs of rural areas are often overlooked, but these communities still have considerable needs for affordable housing,” said Seth Gellis, President at CPP. "In addition to serving residents, the renovation of Crestview Terrace will offer ample opportunity for local construction workers to gain employment and will likely continue to spur new investment in the local area.”
The MGP and non-profit partner, HopeSource, will be providing services to the property residents experiencing homelessness. This includes assisting families and individuals with goal setting and self-sufficiency planning, as well as connecting clients with community resources and classes to bolster skills in budgeting, money management, nutrition, home management, parenting, literacy, employment training, and childcare.
Construction is scheduled to begin in June 2024 with anticipated completion by July 2025. Each household will be temporarily relocated for 7-10 days at no cost to the tenants, after which they will return to a fully renovated apartment home.
The deal is structured with 4% tax credits and private activity bonds, allocated and issued by Washington State Housing Finance Commission (WSHFC). The tax credits will be syndicated by Huntington National Bank. The tax-exempt permanent financing and construction financing will be provided by Citi Community Capital. Crestview Terrace will be built to the Evergreen Sustainable Building Standard and Washington State Housing Finance Commission requirements.
CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, has announced the acquisition and planned renovation of Green Hotel Apartments, an affordable senior (62+) apartment complex in downtown Pasadena, Calif. This is the 15th community in the greater Los Angeles area for CPP and the 41st in the state.
Built in the 1890s, Green Hotel Apartments is listed on the National Register of Historic Places and is a Pasadena Historic Monument. Located at 50 E. Green Street, the 139-unit property is a seven-story mix of studio and one-bedroom units serving seniors earning between 30 and 60 percent of the area median income (AMI). CPP’s total development investment is approximately $100,000,000, which includes the purchase price of $54,000,000 and an estimated per unit renovation cost of $115,000.
“Green Hotel Apartments is a unique opportunity for CPP to renovate a historic property with modern systems while carefully restoring the exterior to its original historic charm and architectural integrity,” said Seth Gellis, President at CPP. “Our experience in historic affordable housing preservation provides us with an asset which we look forward to utilizing on Green Hotel.”
CPP’s renovations will include building envelope restoration, new flooring, countertops, appliances, and lighting, and upgrades to ADA units and ADA paths of travel. Wi-Fi will be installed throughout the units. CPP plans to develop a community space to include a theater, conference rooms, business center, multipurpose room, and library. Windows and air conditioning systems will be replaced in such a way as to look like the original building.
As part of CPP’s community work, Green Hotel Apartments residents will be able to participate in on-site health, education, and employment services through a partnership with Project Access.
The property’s affordability was set to expire in July 2035. Affordability will be deepened and renewed for at least 20 more years under a renewed Section-8 Housing Assistance Payment (HAP) contract and 55 years under the new CA Tax Credit Regulatory Agreement that will be implemented post-renovation.
“Green Hotel Apartments is currently at 100% occupation with a full waitlist, reflecting the high demand for affordable senior housing options in the area,” said Belinda Lee, Director – Development at CPP. “We’re pleased to preserve this historic landmark and provide much-needed housing for the Old Pasadena neighborhood.”
Partners on the project include the California Tax Credit Allocation Committee (CTCAC) and California Debt Limit Allocation Committee, who issued 4% tax credits and bonds, California Municipal Finance Authority, U.S. Department of Housing and Urban Development (HUD), WNC and Associates, Citibank N.A., California Bank and Trust, Belveron, and Goldrich Kest.
CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, has announced the acquisition and planned renovation of Elmore Roberts in Great Falls, Mont. This is CPP's third project in Great Falls, following its acquisition of Sunshine Village and Broadview Manor in 2023.
Located at 6 6th Street S in the heart of downtown Great Falls, the property is a 60-unit family property comprised of 30 one-bedroom units and 30 two-bedroom units. CPP’s total development investment is approximately $13,200,000, which includes the purchase price of $3,150,000 and an estimated per unit renovation cost of $97,000.
Elmore Roberts was originally built in 1917 by William Roberts, who played a prominent role in the development of downtown Great Falls in the late 1800s and early 1900s. At the time of its construction, the Elmore Roberts building represented one of the city's most modern and elegant commercial and residential facilities, and included amenities such as gas and electricity, steam heating, porter and maid service, and private telephone hookups. The property, which was converted into an apartment community in 2007, is included in the National Registry of Historic Places Inventory under the National Parks Service.
“Data shows that over 40% of households in the Great Falls region are rent overburdened, and the local housing authority maintains a waitlist of more than 200 households looking for affordable options,” said Karen Buckland, Vice President, Development at CPP. “CPP is proud to play a role in revitalizing this historic Great Falls property and ensuring its affordability for the next 50 years.”
The total site renovation will address years of deferred maintenance and outdated systems, including ADA accessibility, and focus on increasing sustainability across the property. In-unit kitchen renovations will include new formaldehyde-free cabinets and countertops, Energy Star refrigerators, and updated ranges and range hoods. Units will also receive low-flow toilets, updated showerheads and faucets, LED lighting upgrades and a new coat of low-VOC paint. Following completion, the project will meet the Green Building and Energy Conservation Standards of the Montana Board of Housing.
Exterior and community upgrades include new windows, roofing and gas furnaces. Path of travel upgrades, parking lot restripe, brick pointing, and pressure washing will also be completed. The property will receive upgrades to its laundry room and the creation of a community area with a computer room.
Non-profit partner NeighborWorks Great Falls will provide services to individuals and families who reside at Elmore Roberts. Services include rental and financial capabilities counseling, providing connections to local financial resources, and homeownership counseling.
The property’s two ModRehab contracts were set to expire in 2024, but with CPP’s involvement, a new 20-year HAP contract will be put in place. In addition, the units will be restricted at 50% of area median income (AMI) for a period of 50 years under the LIHTC program.
Renovations are expected to be completed in December 2024. Partners on the project include WNC & Associates, who purchased 9% tax credits and historic federal tax credits; Glacier Bank provided construction financing; MBOH provided a permanent loan via the Coal Trust Multifamily Homes program; Montana Healthcare Foundation provided a permanent loan (2nd position); the City of Great Falls provided TIF funds.