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5/03/24
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Community Preservation Partners has acquired Canoga Park Apartments, an affordable housing development in the western San Fernando Valley. This is the fifth community in the greater Los Angeles area for CPP and the 60th in the state.
Built in 1983, Canoga Park Apartments is comprised of 14 walk-up units across three stories, the first of which is tuck-under parking. Located at 6824 Winnetka Ave in the Canoga Park neighborhood of Los Angeles, the 14-unit development consists of 12-two-bedroom units and two three-bedroom apartments designated for individuals and families earning 60% of the area median income (AMI) or below. CPP’s total development investment is approximately $11.35 mil, which includes the purchase price of $6 mil and an estimated per unit renovation cost of $142k.
“Canoga Park is a unique opportunity for CPP to provide needed capital improvements to a project that would otherwise be overlooked by developers due to its smaller size,” said Evan Cramer, Assistant Development Manager at CPP. “This project is truly a mission-driven development for us, and we are proud to renovate and improve the property while preserving its affordable status for its residents.”
Many of the original building systems are still in place, underscoring the need for modernization and development. CPP’s renovation will include replacement of HVAC systems, water heaters, lighting, appliances, interior and exterior paint, countertops, cabinetry, flooring, and seismic upgrades, along with ADA upgrades throughout the property.
Canoga Park Apartments residents will be able to participate in adult education, health and wellness, and skill-building classes and services through a partnership with LifeSteps.
The property’s affordability was set to expire in March 2026. Affordability will be deepened and renewed for at least 20 more years under a renewed Housing Assistance Payment (HAP) contract and 55 years under the new CA Tax Credit Regulatory Agreement that will be implemented post-renovation.
Renovations are expected to be completed in December 2024. Partners on the project include the California Tax Credit Allocation Committee (CTCAC), who issued 9% Federal Low-Income Housing Tax Credits and CA State Low-Income Housing Tax Credits. WNC & Associates will be providing tax credits.
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