CCP to Spend $100K a Unit on Albuquerque Affordable Housing Revamp

Community Preservations Partners (CPP) will revamp 241 rundown units. The group acquired Mountain View II and III, adjacent to each other. CPP’s total development investment is approximately $65,700,000, which includes the purchase price of $22,280,000 and an estimated per-unit renovation cost of $95,078. 

“The need to renovate the Mountain View Apartments, due to years of deferred maintenance, is compounded by a recent fire at one of the buildings making approximately 24 units uninhabitable,” said CPP’s Karen Buckland.

The properties’ HUD subsidy was set to expire, but with CPP’s involvement, the homes will now remain affordable and prevent displacement of residents earning 60% of AMI until 2054. 

Renovations are expected to be completed in December 2024. Partners on the project include the New Mexico Mortgage Finance Authority, Keybank is providing the construction and debt financing through a forward under the Freddie Mac TEL program; and R4 will be providing equity financing.