IRVINE, Calif., Dec. 02, 2021 (GLOBE NEWSWIRE) -- 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.
About Community Preservation Partners
Since its founding in 2004, Community Preservation Partners (CPP Housing), an affordable housing rehabilitation company, has invested more than $2.6 billion into neighborhoods across the United States, keeping housing costs affordable for thousands of seniors, families and individuals. Having developed more than 12,500 low-income housing units, and positively changing the lives of thousands of low-income residents, the award-winning firm continues to expand nationally with headquarters in Irvine, California and Reston, Virginia. With its creative mindset and unwavering vision, CPP Housing proposes big, bold and better solutions that build community and serve the greater good. Creativity. Performance. Purpose. A different way to home. For more information, visit www.cpp-housing.com and follow us on LinkedIn.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/362e1fbe-1fdb-458b-81a6-3774111cf515
