Community Preservation Partners (CPP), a developer focused on affordable housing preservation, has announced the acquisition and planned renovation of Corinthian House, a 102-unit senior housing development in San Jose, California. CPP’s total investment in the project is approximately $38 million, including a $21 million purchase price and $85,000 per unit renovation. The project aims to modernize and extend the affordability of the housing for 55 years, particularly for seniors earning between 30 and 60 percent of the area median income (AMI). Renovations will include modern appliances, energy efficiency improvements, and new amenities such as a fitness center. Partnerships with financial institutions like Comerica Bank and CitiBank, as well as LifeSteps for educational and wellness services, will support the development. The Housing Assistance Payment (HAP) Section 8 contract will also be preserved for another 20 years. The development is expected to be completed by December 2024.
Real Estate Development, Affordable Housing, Financial Services,United States, California
https://www.globenewswire.com/news-release/2024/05/21/2885844/0/en/CPP-Announces-Acquisition-of-Corinthian-House-Affordable-Development-in-San-Jose-California.html