CPP Announces Acquisition of Normandie Villas in Los Angeles
CPP Preserves Affordable Housing in Los Angeles’ Adams Normandie Neighborhood
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Los Angeles, CA (December 16, 2024) – Community Preservation Partners (CPP), a leading affordable housing preservation developer, has acquired Normandie Villas, an aging but vital affordable housing complex in Los Angeles’ desirable Adams Normandie neighborhood. This acquisition marks CPP’s sixth project in the greater Los Angeles region, underscoring their commitment to preserving affordable housing options in a city grappling with a severe housing crisis.
Built in 1983, Normandie Villas offers 25 units – 15 two-bedroom and 10 three-bedroom – designed to accommodate families. The complex, located just a mile from the university of Southern California and five miles from downtown Los Angeles, boasts a prime transit-oriented location with easy access to public transportation, grocery stores, parks, and schools.
“The south-central region of Los Angeles has a strong need for quality affordable housing, and as evidenced by its long wait list, normandie Villas reflects this need,” said Evan Cramer, Advancement Manager at CPP.”We are pleased that we are able to preserve 25 units of critical affordable housing for this community for years to come.”
CPP’s total investment in Normandie Villas is approximately $20.6 million,encompassing the $11.5 million purchase price and an estimated $165,916 per unit for renovations. The project will see meaningful upgrades, including new shingle roofing, energy-efficient HVAC systems and gas water heaters, and improved insulation. These energy-efficient improvements will not only enhance resident comfort but also contribute to long-term cost savings.
CPP’s commitment to Normandie Villas exemplifies their mission to preserve and revitalize affordable housing communities across the nation. By investing in much-needed renovations and ensuring the long-term affordability of these units, CPP is making a tangible difference in the lives of families in Los Angeles.
South LA Affordable Housing Complex Gets Major Makeover
Los Angeles, CA – Residents of a 100-unit affordable housing complex in South Los Angeles are set to benefit from a thorough renovation project spearheaded by community Preservation Partners (CPP). the project, expected to be completed by June 2025, will not only modernize the property but also extend its affordability for another two decades.
“We are proud to be part of the solution to the affordable housing crisis in south-central Los Angeles and look forward to seeing the positive impact these improvements will have for years to come,” said john Fraser, Vice President at CPP.
The renovations will encompass both individual units and communal spaces. In-unit upgrades include new kitchen and bathroom cabinets, energy-efficient appliances, LED lighting, and new flooring. Two units will be made ADA compliant, ensuring accessibility for residents with disabilities.
Beyond individual units, the project will revitalize the property’s community spaces. This includes new landscaping, a playground, upgraded laundry facilities, and improved accessibility features. CPP is also partnering with LifeSTEPS to provide on-site services like adult education,health and wellness programs,and skill-building classes for residents.
This extensive renovation project is made possible through a collaborative effort. The California Tax Credit Allocation Committee (CTCAC) provided crucial funding through the 9% Low-Income Housing Tax Credit (LIHTC) program.WNC & associates serves as the equity partner, while Banc of California and Key Bank are providing construction and permanent financing, respectively.
The project’s impact extends beyond physical improvements. By renewing the Section-8 Housing Assistance Payment (HAP) contract until 2044, CPP ensures the long-term affordability of the complex. Units will be available to residents at 30%, 40%, 50%, or 60% of Area Median Income (AMI), providing much-needed housing options for low- and moderate-income families in South Los Angeles.
Tiny Home Village offers Big Hope for Housing Crisis in California
Sacramento, CA – A new community of tiny homes is offering a glimmer of hope for individuals experiencing homelessness in Sacramento. the village, aptly named “Hope Haven,” opened its doors this week, providing safe and secure housing for 25 residents.
Hope Haven is the brainchild of Idea Hall, a local non-profit institution dedicated to innovative solutions for social issues. The village consists of 25 individual tiny homes, each equipped with basic amenities like a bed, kitchenette, and private bathroom. Residents also have access to shared communal spaces, including a kitchen, laundry facilities, and a community garden.
[Image of Hope Haven village with residents moving in]
“We believe everyone deserves a place to call home,” said Rachel Fuller,spokesperson for Idea Hall. “Hope Haven is more than just a roof over someone’s head; it’s a stepping stone towards stability and self-sufficiency.”
The village is designed to provide not only shelter but also support services to help residents transition out of homelessness.On-site case managers connect residents with resources like job training, mental health counseling, and addiction recovery programs.
“This is a life-changing prospect,” said Maria Sanchez, a resident of Hope Haven. “Having a safe and secure place to live has given me the stability I need to focus on getting back on my feet.”
The opening of Hope Haven comes at a critical time as California grapples with a severe housing crisis. With skyrocketing rents and a shortage of affordable housing, homelessness has become a pervasive issue across the state.
Idea Hall hopes that Hope Haven will serve as a model for other communities looking for innovative solutions to address homelessness. The organization is currently exploring plans to expand the village and replicate the model in other parts of California.
Preserving Homes, Preserving Communities: A Conversation with CPP on Saving Normandie Villas
Newsdirectory3.com – Los Angeles’ affordable housing crisis has been making headlines for years, pushing families out of neighborhoods and stretching budgets to teh limit.But amidst the challenges, organizations like Community preservation Partners (CPP) are stepping in to make a difference, one community at a time.
Newsdirectory3.com sat down with Evan Cramer, Advancement Manager at CPP, to discuss their recent acquisition and renovation of Normandie Villas, a 25-unit affordable housing complex in the Adams-Normandie neighborhood.
ND3: Mr. Cramer,thank you for joining us. CPP’s acquisition of Normandie Villas is your sixth project in the greater Los Angeles area. Why is this neighborhood and this project so significant to CPP’s mission?
EC: Absolutely. CPP is committed to preserving and revitalizing affordable housing nationwide, and Los Angeles, particularly South Central LA, is a region with a critical need for these types of projects.Normandie Villas exemplifies that need.Located near USC and downtown LA, it offers families convenient access to education, employment, and amenities – a crucial lifeline for many.Its waiting list demonstrates the urgent demand for safe, affordable housing in this community.
ND3: The project involves a $20.6 million investment, wich includes significant renovations. What kind of upgrades can residents expect?
EC: we’re going beyond cosmetic updates.Our plan focuses on increasing resident comfort and long-term cost savings through upgrades like new shingle roofing, energy-efficient HVAC systems and gas water heaters, and improved insulation. This will not only improve the quality of life for families but also make the units more sustainable.
ND3: What is the importance of preserving existing affordable housing stock as opposed to building new units?
EC: While building new affordable housing is vital, it’s a long and complex process. Preserving existing units allows us to provide immediate relief to families in need. By revitalizing normandie Villas, we not only ensure existing residents can stay in their homes but also prevent the loss of valuable affordable housing in a city grappling with a severe shortage.
ND3: Looking ahead, what are CPP’s goals for the future in Los Angeles and beyond?
EC: Our commitment to California and the nation remains steadfast. We plan to continue partnering with communities and stakeholders to identify and revitalize affordable housing complexes in need of preservation. Our goal is to ensure families have access to safe, decent, and affordable housing, allowing them to thrive and contribute to the vibrancy of their communities.
ND3: Thank you for your insights, Mr. Cramer. CPP’s work is a crucial example of how dedication and investment can directly impact the lives of families and build stronger, more equitable communities.
this is a vital story for Newsdirectory3.com’s readers interested in social impact investing, urban progress, and affordable housing solutions. We will continue to follow CPP’s work in Los angeles and beyond.