CPP Announces Acquisition of Third Affordable Housing Community in Great Falls, Mont.
2024年7月9日 - 11:00PM
CPP (Community Preservation Partners), a mission-driven
affordable housing preservation developer, has announced the
acquisition and planned renovation of Elmore Roberts in Great
Falls, Mont. This is CPP's third project in Great Falls, following
its acquisition of Sunshine Village and Broadview Manor in 2023.
Located at 6 6th Street S in the heart of downtown Great Falls,
the property is a 60-unit family property comprised of 30
one-bedroom units and 30 two-bedroom units. CPP’s total development
investment is approximately $13,200,000, which includes the
purchase price of $3,150,000 and an estimated per unit renovation
cost of $97,000.
Elmore Roberts was originally built in 1917 by William Roberts,
who played a prominent role in the development of downtown Great
Falls in the late 1800s and early 1900s. At the time of its
construction, the Elmore Roberts building represented one of the
city's most modern and elegant commercial and residential
facilities, and included amenities such as gas and electricity,
steam heating, porter and maid service, and private telephone
hookups. The property, which was converted into an apartment
community in 2007, is included in the National Registry of Historic
Places Inventory under the National Parks Service.
“Data shows that over 40% of households in the Great Falls
region are rent overburdened, and the local housing authority
maintains a waitlist of more than 200 households looking for
affordable options,” said Karen Buckland, Vice President,
Development at CPP. “CPP is proud to play a role in revitalizing
this historic Great Falls property and ensuring its affordability
for the next 50 years.”
The total site renovation will address years of deferred
maintenance and outdated systems, including ADA accessibility, and
focus on increasing sustainability across the property. In-unit
kitchen renovations will include new formaldehyde-free cabinets and
countertops, Energy Star refrigerators, and updated ranges and
range hoods. Units will also receive low-flow toilets, updated
showerheads and faucets, LED lighting upgrades and a new coat of
low-VOC paint. Following completion, the project will meet the
Green Building and Energy Conservation Standards of the Montana
Board of Housing.
Exterior and community upgrades include new windows, roofing and
gas furnaces. Path of travel upgrades, parking lot restripe, brick
pointing, and pressure washing will also be completed. The property
will receive upgrades to its laundry room and the creation of a
community area with a computer room.
Non-profit partner NeighborWorks Great Falls will provide
services to individuals and families who reside at Elmore Roberts.
Services include rental and financial capabilities counseling,
providing connections to local financial resources, and
homeownership counseling.
The property’s two ModRehab contracts were set to expire in
2024, but with CPP’s involvement, a new 20-year HAP contract will
be put in place. In addition, the units will be restricted at 50%
of area median income (AMI) for a period of 50 years under the
LIHTC program.
Renovations are expected to be completed in December 2024.
Partners on the project include WNC & Associates, who purchased
9% tax credits and historic federal tax credits; Glacier Bank
provided construction financing; MBOH provided a permanent loan via
the Coal Trust Multifamily Homes program; Montana Healthcare
Foundation provided a permanent loan (2nd position); the City of
Great Falls provided TIF funds.
About Community Preservation Partners
In 2004, Community Preservation Partners was established by our
parent company, WNC & Associates, a national investor in
affordable housing and community renewal initiatives. Since then,
CPP has successfully acquired, developed, and rehabilitated more
than 15,000 affordable multifamily and senior housing units
nationwide. From the very beginning, they’ve done things
differently. As more than a consultant or an investor, CPP is a
true partner in every sense. By joining leading nonprofits and
strategic partners, they can provide essential social services to
residents, support neighborhood initiatives and transform
multifamily affordable housing communities. Creativity,
Performance, and Purpose are their core values and embody
everything they do. Together they define A Different Way to Home
for their excellent employees, partners, and communities. To learn
more, visit: https://www.cpp-housing.com/.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/2319d3b4-9b01-41ea-bd34-b94e03b37c75
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