CPP Announces Acquisition of Canoga Park Apartments in Los Angeles, California
02 Mayo 2024 - 10:35AM
CPP (Community Preservation Partners), a mission-driven
affordable housing preservation developer has announced the
acquisition and planned renovation of Canoga Park Apartments, an
affordable housing development in Los Angeles, Calif. This is the
fifth community in the greater Los Angeles area for CPP and the
60th in the state.
Built in 1983, Canoga Park Apartments is comprised of 14 walk-up
units across three stories, the first of which is tuck-under
parking. Located at 6824 Winnetka Ave in the Canoga Park
neighborhood of Los Angeles, the 14-unit development consists of
12-two-bedroom units and 2-three-bedroom apartments designated for
individuals and families earning 60 percent of the area median
income (AMI) or below. CPP’s total development investment is
approximately $11,350,000, which includes the purchase price of
$6,000,000 and an estimated per unit renovation cost of
$142,000.
“Canoga Park is a unique opportunity for CPP to provide needed
capital improvements to a project that would otherwise be
overlooked by developers due to its smaller size,” said Evan
Cramer, Assistant Development Manager at CPP. “This project is
truly a mission-driven development for us, and we are proud to
renovate and improve the property while preserving its affordable
status for its residents.”
Many of the original building systems are still in place,
underscoring the need for modernization and development. CPP’s
renovation will include replacement of HVAC systems, water heaters,
lighting, appliances, interior and exterior paint, countertops,
cabinetry, flooring, and seismic upgrades, along with ADA upgrades
throughout the property.
Canoga Park Apartments residents will be able to participate in
adult education, health and wellness, and skill-building classes
and services through a partnership with LifeSteps.
The property’s affordability was set to expire in March 2026.
Affordability will be deepened and renewed for at least 20 more
years under a renewed Housing Assistance Payment (HAP) contract and
55 years under the new CA Tax Credit Regulatory Agreement that will
be implemented post-renovation.
“WNC is pleased to partner with CPP to renew affordability
status for Canoga Park Apartments,” said Anil Advani, Executive
Vice President of Originations and Finance at WNC. “The Los Angeles
market has a historic pattern of inadequate affordable housing
options, which we hope to help mitigate.”
Renovations are expected to be completed in December 2024.
Partners on the project include the California Tax Credit
Allocation Committee (CTCAC), who issued 9% Federal Low-Income
Housing Tax Credits and CA State Low-Income Housing Tax Credits.
WNC & Associates will be providing tax credits.
About Community Preservation Partners
In 2004, Community Preservation Partners was established by
their 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/f3a1bb7f-8ae0-41ff-bf0e-3b3cede6a04a.
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