GREAT FALLS, Mont., July 09, 2024 (GLOBE NEWSWIRE) -- 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The total site renovation will address years of deferred maintenance and outdated systems, including ADA accessibility, and focus on increasing sustainability across the property.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.
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 15,000 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. To learn more, visit: https://www.cpp-housing.com/.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2319d3b4-9b01-41ea-bd34-b94e03b37c75
