The purchase preserves affordability at the community for years to come.

Community Preservation Partners (CPP) has acquired a Los Angeles development to keep the apartments affordable for residents.

Built in 1983, Canoga Park Apartments is comprised of 14 walk-up units across three stories, the first of which is tuck-under parking. There are 12 two- and two three-bedroom apartments designated for individuals and families earning no more than 60% of the area median income (AMI). CPP’s total development investment is approximately $11.35 million, which includes the $6 million purchase price and an estimated per unit renovation cost of $142,000.

“Canoga Park is a unique opportunity for CPP to provide needed capital improvements to a project that would otherwise be overlooked by developers due to its smaller size,” said Evan Cramer, assistant development manager at CPP. “This project is truly a mission-driven development for us, and we are proud to renovate and improve the property while preserving its affordable status for its residents.”

The property’s affordability was set to expire in March 2026. Affordability will be deepened and renewed for at least 20 more years under a renewed Housing Assistance Payment contract and 55 years under a new California tax credit regulatory agreement that will be implemented post-renovation, officials said.

Many of the original building systems are still in place, underscoring the need for modernization and development. CPP’s renovation will include replacement of HVAC systems, water heaters, lighting, appliances, interior and exterior paint, countertops, cabinetry, flooring, and seismic upgrades, along with Americans with Disabilities Act upgrades throughout the property.

Canoga Park Apartments residents will be able to participate in adult education, health and wellness, and skill-building classes and services through a partnership with LifeSteps.

Partners on the project include the California Tax Credit Allocation Committee, which issued 9% federal and state low-income housing tax credits. WNC, the parent company of CPP, is the syndicator.

“WNC is pleased to partner with CPP to renew affordability status for Canoga Park Apartments,” said Anil Advani, executive vice president of originations and finance at WNC. “The Los Angeles market has a historic pattern of inadequate affordable housing options, which we hope to help mitigate.”

The property is CPP’s fifth community in the greater Los Angeles area and the 60 ^th in the state.