CPP (Community Preservation Partners), a mission-driven
affordable housing preservation developer, and WNC & Associates
(WNC), a family-owned business known as both a pioneer and leader
in the affordable housing industry, have announced the acquisition
and planned renovation of Euclid Villas in El Centro, Calif.. The
acquisition is in partnership with Bettencourt Properties, Inc. and
The Beneficial Housing Foundation.
Built in 1982, Euclid Villas is located at 1735 W. Euclid Ave.
A, and is a 42-unit family property. Comprised of five two-story
walk-up buildings, the property offers two- and three-bedroom
layouts. CPP’s total development investment is approximately
$14,850,000, which includes the purchase price of $7,250,000 and an
estimated per unit renovation cost of $81,200.
“The need for affordable housing is greater than ever. Since
2000, median rent has increased 38%, while median renter household
income has only increased by 7%,” said Karen Buckland, Vice
President, Development at CPP. “CPP is proud to partner with
Bettencourt Properties, Inc. and The Beneficial Housing Foundation
to revitalize Euclid Villas and ensure that it remains affordable
for current and future residents.”
The total site renovation will address years of deferred
maintenance and will bring modernization, increased accessibility,
and energy efficiency to the community. Euclid Villas will receive
extensive improvements targeting energy efficiency, such as new
HVAC units, updated energy-efficient appliances in each unit, new
water heaters, and LED lights and fixtures. Units will also receive
new toilets, vanities and mirrors, and vinyl plank flooring
throughout. Additionally, 5% of units will be upgraded to meet ADA
compliance.
“WNC is proud to partner with CPP on another affordable housing
project,” said Anil Advani, Executive Vice President of
Originations and Finance at WNC. “We look forward to seeing the
positive impact that these homes have in the community.”
Common area upgrades will include roof and skylight replacement,
along with upgrading all windows to dual pane. Exteriors will
receive new paint, exterior LED lighting upgrades, and stair and
railing work. Other community upgrades include the construction of
a new community and office building, new community signage, parking
lot repair, resealing and restriping, and the installation of a new
playground.
“When addressing affordable housing needs in communities, it is
important to look beyond the physical needs of the property. The
upgrades at Euclid Villas are aimed at addressing comprehensive
resident needs, including community-making and support services,”
said Ron Bettencourt, President at Bettencourt Properties, Inc.
Additionally, Euclid Villas residents will be able to
participate in adult education, health and wellness, and
skill-building classes and services provided by LifeSteps. Classes
include financial literacy, computer training, home-buyer
education, GED, resume-building, and art and parenting education,
among others. Health and wellness services include crisis
intervention, counseling and emotional support, eviction
prevention, and physical and mental health assessments, among
others.
“Shelter is a basic need that is becoming increasingly
unaffordable in California,” said Kimberley McClintock, CEO at The
Beneficial Housing Foundation. “Through the preservation of Euclid
Villas, we will provide much needed affordable housing in El
Centro.”
The property’s Housing Assistance Payment (HAP) Section 8
contract was set to expire, but with CPP’s involvement, the
contract will be preserved for another 20 years. Additionally, the
property encumbered a new Land Use Restriction Agreement (LURA). As
a result, the homes will now remain affordable and prevent
displacement of residents earning 60% of AMI or less for 55
years.
Renovations are expected to be completed in December 2024.
Partners on the project include the California Tax Credit
Allocation Committee (CTCAC), who issued 9% low-income housing tax
credits; California Bank and Trust will serve as the lender; and
WNC & Associates provided equity financing.
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/.
About WNC & Associates
Founded in 1971, WNC & Associates (WNC) is a family-owned
business known as both a pioneer and leader in the affordable
housing industry. WNC and its affiliated companies specialize in
tax credit syndication, affordable housing development, and
preservation equity fund investments. Combined, the WNC companies
have acquired approximately $18.2 billion in assets across 48
states, including more than 1,800 affordable rental properties that
house more than 1 million residents. With offices in 16 states, WNC
has partnered with more than 400 developers and 125 institutional
investors. To learn more, visit: https://www.wncinc.com/.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/03be8e78-29e2-4c89-9660-16e8a15e21d2
MEDIA CONTACT
IDEA HALL
Rachel Fuller
Rachel@ideahall.com