Community Preservation Partners (CPP) has cemented its commitment to affordable housing in Los Angeles by acquiring and planning extensive renovations for Canoga Park Apartments. Marking their fifth venture in the greater Los Angeles region and sixtieth in California, CPP targets this 14-unit development for individuals and families earning below 60% of the area’s median income. With an approximately $11.35 million investment, encompassing a $6 million purchase and a per unit renovation estimate of $142,000, the once overlooked project due to its smaller scale will undergo modern upgrades, including HVAC, water heaters, and seismic improvements. Evan Cramer at CPP underscored the significance of this mission-driven initiative. In conjunction with LifeSteps, CPP will offer residents various educational programs and wellness services, aiming to enhance the living experience greatly. The renewals involve a Housing Assistance Payment (HAP) contract extension for an additional 20 years and a 55-year CA Tax Credit Regulatory Agreement after renovations. Financing support comes from CTCAC, which provides both federal and state low-income housing tax credits, and WNC & Associates, offering tax credits. WNC, which established CPP as part of their altruistic vision in 2004, rejoices alongside CPP by reinforcing affordable housing accessibility in a market known for scarcity. Renovations should conclude by December 2024, further gearing CPP towards a unique positioning as a partner rather than solely an investor or consultant.

Real Estate, Construction & Engineering, Financial Services,Los Angeles, California, United States

https://www.globenewswire.com/news-release/2024/05/02/2874478/0/en/CPP-Announces-Acquisition-of-Canoga-Park-Apartments-in-Los-Angeles-California.html