CPP Announces Acquisition of Corinthian House Affordable Development in San Jose, California
The 102-unit property will preserve affordable housing for seniors 62+ in Santa Clara County
SAN JOSE, Calif., May 21, 2024 (GLOBE NEWSWIRE) — CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, has announced the acquisition and planned renovation of Corinthian House, a senior development in southwest San Jose, Calif. This is the fourth community in the Bay Area for CPP, joining Franco Center in Stockton, and El Rancho Verde and Lenzen Square Apartments in San Jose.
Built in 1982, Corinthian House is comprised of two elevator-served, three-story buildings on 1.75 acres. Located at 250 Budd Avenue in the Campbell neighborhood of San Jose, the 102-unit development consists of studio and one-bedroom apartments designated for seniors (62+) earning between 30 and 60 percent of the area median income (AMI) or below. CPP’s total development investment is approximately $38,000,000, which includes the purchase price of $21,000,000 and an estimated per unit renovation cost of $85,000.
“San Jose and nearby Silicon Valley have a desperate need for affordable housing, specifically for the underserved senior community,” said Karen Buckland, Vice President, Development at CPP. “Revitalizing and renovating Corinthian House will extend the physical and economic life of the development, preserving its affordability for 55 years to come.”
Both exteriors and interiors will be renovated to address the effects of deferred maintenance, with the goal of bringing modernization, increased accessibility, and energy efficiency to the senior community. The development will receive new vinyl plank flooring, cabinets and countertops, modern appliances, water-saving toilets, vanities and mirrors, and energy-smart lighting throughout. Common area renovations include updates to the community room, laundry rooms, salon, and leasing and management office. The community will also receive a new fitness center. Post-renovation, Wi-Fi will be provided throughout the units at no cost to the tenants.
Corinthian House residents will be able to participate in adult education, health and wellness, and skill-building classes and services through a partnership with LifeSteps. Classes will include financial literacy, computer training, and home-buyer education aimed at seniors.
The Campbell neighborhood offers ample shopping and activities for residents of Corinthian House. The community is located a half mile from the Campbell Adult Center which offers trips, lunch options, and clubs aimed at enhancing the quality of life for adults 50+. The Winchester BART Station is located approximately a quarter mile away, and Good Samaritan Hospital, a 403-bed acute care facility, is within two miles.
The property’s Housing Assistance Payment (HAP) Section 8 contract was set to expire, but with CPP’s involvement, the contract will be preserved for another 20 years.
Renovations are expected to be completed in December 2024. Partners on the project include the California Tax Credit Allocation Committee (CTCAC), who issued 9% low-income housing tax credits; Comerica Bank will provide the acquisition and rehabilitation loan and CitiBank will provide the permanent loan; and WNC & Associates will be providing tax credits.
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/00b04013-85c3-4e82-bf3a-1225785df59f
CONTACT: MEDIA CONTACT IDEA HALL Rachel Fuller Rachel@ideahall.com
