Community Preservation Partners (CPP) has bought the Woodland Hills Apartments, 14 garden-style buildings on 19 acres with 176 units, which receive subsidy under a Section-8 HAP contract.
The financial terms were not disclosed.
Located at 330 Highland Avenue in Torrington, Conn., the units are income-restricted to family households at 50 percent of area median income (AMI) through the Low Income Housing Tax Credit (LIHTC) program.
The 10-month renovation will be a tenant in-place rehabilitation with minimal displacement for residents. CPP secured tax-exempt bond financing as well as an allocation of LIHTC from the Connecticut Housing Finance Agency (CHFA) to finance the acquisition and planned renovations. CPP has committed to preserving the property’s affordable-housing designation for future decades.
“CPP has an additional community in Connecticut, Fairbank Apartments, which is about 50 miles south of Woodland Hills, so this project not only adds
