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CPP Acquires, Plans to Renovate WA Affordable Housing
Community Preservation Partners (CPP), an affordable housing preservation developer, has acquired Crestview Terrace, an affordable housing development in Ellensburg, Washington.
CPP plans a renovation of the property, which was built in 1970 and last underwent renovation in 2008. The development’s 168 units are spread across 76 single-story buildings, comprised of 95 one-bedroom units, 36 two-bedroom units, 26 three-bedroom units, and nine four-bedroom units. In addition to serving low-income individuals and families, the property serves special needs groups, including large families, persons with disabilities, and people experiencing homelessness.
The property’s affordability status was set to expire in 25 years, but with CPP’s involvement, it will now remain affordable housing for the next 40 years. The deal is structured with 4% tax credits and private activity bonds, allocated and issued by the Washington State Housing Finance Commission. The tax credits will be syndicated by Huntington National Bank. The tax-exempt permanent financing and construction financing will be provided by Citi Community Capital.
