As covered extensively in this Affordable Housing Finance article, The Foundation for Affordable Housing (FFAH) is proud to be partnered with Community Preservation Partners (CPP) in the acquisition and rehabilitation of a 18 unit apartment complex in Sacramento. This is a great ‘win’ for affordable housing in a part of California that desperately needs it.
Originally built in 1974, the name of the complex is Grand Ave Villa and it is located in the city’s Del Paso Heights neighborhood. CPP and FFAH will work together to revitalize the property with substantial interior and exterior upgrades, enhanced security, and the construction of a new community building.
“Historically one of Sacramento’s poorest neighborhoods, Del Paso Heights has been gaining the attention of local stakeholders with planned efforts for revitalization to create more livable and sustainable communities,” said Anand Kannan, president at CPP. “By aligning with local city planners—and offering our experience, financial resources, and creativity—we’ve been able to acquire our smallest community yet and are excited to provide residents with much-needed upgrades and increased safety measures to enhance their quality of life.”
The five-building community consists of three one-bedroom, eight two-bedroom, and six three-bedroom units for residents earning less than 60% of the area median income. A one one-bedroom manager unit also sits within the property.
Read the entire article here.