The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
September 23, 2021
 Search RENTV
 The REview
News Home Page
Southern California
Northern California
Pacific Northwest
Prop. Management
Press Releases
 R. E. Marketplace
Service Providers
Property Spotlight
 RENTV  Conferences
Subscriber Login:
Forgot Password?

Printer-friendly Version   Email an Associate
CPP to Rehabilitate and Preserve 205 Affordable Housing Units in New Mexico


Community Preservation Partners (CPP) has begun renovations on six New Mexico affordable housing complexes, totaling 205 units, owned by Western States Housing Corporation. The transaction closed in April, with work expected to continue until December.

The properties – five in Sunland Park, N.M., and one in Anthony, N.M – were acquired by Western States Housing for $8 mil. Additionally, $6.1 mil for cover construction costs and more than $1.1 mil in cash reserves are being funded with bonds and tax credit equity. The significant reserve funding is a requirement of U.S. Department of Agriculture, which has jurisdiction over affordable rural development projects.

CPP’s parent company, WNC & Associates, is a limited partner underwriting the equity. The total rehabilitation cost, which includes soft costs for purchase of equipment, is more than $19 mil.

Through this public-private partnership, which also includes the New Mexico Mortgage Financing Authority (MFA), tax incentives will keep residents paying below-market rents for the next 30 years.

“These investments are critical for the community in southern New Mexico,” said Anand Kannan, president of CPP. “Without them, not only would the properties continue to age, but the existing agreements with the MFA would have expired, forcing the rents up to market price.”

The oldest of the six complexes was constructed in 1991.Through the new agreement, all of the properties will received major upgrades, including:

• Energy- efficient improvements, including the installation of Energy Star and low-flow appliances
• State-of-the-art HVAC systems
• Weatherization improvements
• Accessibility improvements, including ramps and paths of travel that comply with the Americans with Disabilities Act

Return to the Archive page





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2021 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media