TORRINGTON, Conn., March 24, 2022 (GLOBE NEWSWIRE) -- Community Preservation Partners (CPP), a mission-driven affordable housing preservation developer, today announced its acquisition of the Woodland Hills Apartments, 14 garden-style buildings on 19 acres with 176 units, which receive subsidy under a Section-8 HAP contract. Located at 330 Highland Avenue in Torrington, Conn., the units are income-restricted to family households at 50% of area median income (AMI) through the Low Income Housing Tax Credit (LIHTC) program.
The 10-month renovation will be a tenant in-place rehabilitation with minimal displacement for residents. CPP secured tax-exempt bond financing as well as an allocation of LIHTC from the Connecticut Housing Finance Agency (CHFA) in order to finance the acquisition and planned renovations for the property. CPP has committed to preserving the property’s affordable housing designation for future decades.
“CPP has an additional community in Connecticut, Fairbank Apartments, which is about 50 miles south of Woodland Hills, so this project not only adds to our count of preserved affordable units in Connecticut but also ensures Woodland Hills is well-positioned physically and financially for its current and future residents,” said Seth Gellis, senior vice president at CPP. “With this transaction, CPP has committed to deepening and furthering the affordability of Woodland Hills.”
The Woodland Hills community is located 27 miles west of Hartford in the Northwest Portion of Connecticut. It is a suburban to rural location near the Greater Hartford MSA.
“While the property was very well maintained by the previous owner, it had been 20 years since its last major rehab,” said John Fraser, director of development at CPP. “As a result, building system upgrades, roofing, siding, windows and finishes were in need of rehabilitation. It was originally built in 1973 with a LIHTC renovation in 2001.”
CPP will invest nearly $40 million to acquire and rehabilitate the complex, with renovations to include several energy efficiency and accessibility upgrades, new siding, roofing and windows as well as parking lot repairs, improved site accessibility and improvements to the community room and other common spaces. Unit upgrades include new kitchen cabinets and quartz countertops, new energy-star appliances and plumbing fixtures. Units will also receive new flooring, be fully painted with complete renovation of bathrooms. CPP’s financing plan includes a resident service coordinator who will provide a number of adult education programs including financial literacy, computer training, tax preparation guidance, English classes, educational workshops, fraud prevention classes, literacy programs, health and wellness, smoking cessation, social activities, exercise, art classes and COVID education.
About Community Preservation Partners
Since its founding in 2004, Community Preservation Partners (CPP), 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.
