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March 20, 2019
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TEXAS/SOUTHWEST NEWS
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CPP to Rehabilitate and Preserve 205 Affordable Housing Units in New Mexico

5/13/16

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





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