GREAT FALLS, Mont., Aug. 07, 2023 (GLOBE NEWSWIRE) -- CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer has announced the acquisition and planned renovation of two developments in Great Falls: Sunshine Village and Broadview Manor East & West (MT2 Community Partners, LP). CPP partnered with The Hampstead Companies who will be the owner and co-developer. This is the second project closing in Montana for CPP and Hampstead together, totaling three communities in the area.
CPP and Hampstead’s total development investment is approximately $23.1M, which includes the purchase price of $10.75M and an estimated per unit renovation cost of $72,850. The properties’ HUD subsidy was set to expire, but with CPP and Hampstead's involvement the homes will now remain affordable and prevent displacement of residents earning 50% and 60% of AMI until 2074.
“New affordable housing developments in the Great Falls area have significant waitlists, so the preservation and modernization of the existing affordable housing stock is important to the residents of this community,” said Karen Buckland, Vice President at CPP.
Built in 1979 and located at 600 13th Avenue S., Sunshine Village is a senior community of 72 one- and two-bedroom units in a single three-story building. Amenities for senior residents include a community room, library, and outdoor lawn. Shared space renovations will include the replacement of one of the building’s elevator cabs, a full upgrade of the community space, and expansion of the management office.
Also built in 1979, the Broadview Manor properties are in two different locations. Both communities are designed for families, offering three- and four-bedroom units, onsite laundry facilities and uncovered open parking. Broadview Manor East, located at 720 and 724 42A Street is a three-story, 12-unit project with an adjacent basketball court. As part of the renovation, Broadview Manor East will have new stairs installed. Broadview Manor West, located at 710 and 714 4th Avenue N.W., is a two-story 8-unit project.
Interior renovations will take place in all the units with a focus on sustainability, including installation of new low-VOC vinyl plank flooring, and formaldehyde-free cabinets and counters. Upon completion, the homes will include energy efficient upgrades, such as Energy Star rated appliances, LED lighting fixtures, low-VOC paint, and low flow plumbing fixtures. Sunshine Village will receive necessary ADA compliance upgrades.
As part of the improvements, the Great Falls communities will offer free Wi-Fi and provide residents with an on-demand library of classes, available 24/7 through Rainbow Housing Assistance Corporation. Live instruction will also be offered, Monday through Thursday, along with monthly calendared events coordinated by an on-site staff member. Rainbow Housing will conduct a survey and assessment of the residents to determine the needs of tenants and programing of the project to ensure that the appropriate resources are being provided.
Renovations are expected to be completed in May 2024. Partners on the project include Montana Board of Housing (who awarded tax exempt bonds and 4% low-income housing tax credits), WNC is the equity partner, and Glacier Bank provided the debt.
About Community Preservation Partners
In 2004, Community Preservation Partners was established by our parent company, WNC & Associates, a national investor in affordable housing and community renewal initiatives. Since then, CPP has successfully acquired, developed, and rehabilitated more than 11,000 affordable multifamily and senior housing units nationwide. From the very beginning, they’ve done things differently. As more than a consultant or an investor, CPP is a true partner in every sense. By joining leading nonprofits and strategic partners, they can provide essential social services to residents, support neighborhood initiatives and transform multifamily affordable housing communities. Creativity, Performance, and Purpose are their core values and embody everything they do. Together they define A Different Way to Home for their excellent employees, partners, and communities. Visit https://www.cpp-housing.com/.
About The Hampstead Companies
Since 1992, Hampstead has defined the cutting edge of affordable housing development, identifying the preservation, creation, and improvement of housing and surrounding neighborhoods as its primary goal. Hampstead has successfully acquired, preserved, and redeveloped over 8,000 affordable units nationwide. Hampstead’s purpose is not fulfilled by only preserving and creating housing. The team collaborates with local partners to utilize available resources to achieve its mission: “To create positive community impacts by building affordable housing so that families can remove housing as an impediment and focus energy on wellness, family, education, and advancement.” Visit www.hampstead.com
