Community Preservation Partners (CPP), a non-profit organization dedicated to preserving affordable housing, has recently acquired two apartment properties in Los Angeles. These properties, located in the Adams Normandie and Baldwin Hills/Crenshaw neighborhoods, will be preserved as affordable housing for the community. This brings CPP’s total number of communities in the greater LA region to seven.
The first property, Normandie Villas, required an investment of approximately $20.6 million from CPP. This includes a purchase price of $11.5 million and will maintain 45 affordable units for low-income residents. The second property is MCA III Apartments which required an investment of $13.l million from CPP including a purchase price of $7 .25 million.
Both properties are expected to undergo renovations by June 2025 and have renewed their Section-8 Housing Assistance Payment contracts through 2024 under new ownership with CPP.The units at both properties will be set at various income levels ranging from 30% to 60% Area Median Income (AMI) ensuring affordability for residents.
