Community Preservation Partners Acquires Two Affordable Communities in Great Falls, Montana

by Jeff Shaw

GREAT FALLS, Mont. — Community Preservation Partners (CPP) has acquired two affordable seniors housing communities in Great Falls: Sunshine Village and Broadview Manor East & West.

CPP plans to renovate both properties, and has partnered with The Hampstead Cos., which will be the owner and co-developer. This is the second project closing in Montana for CPP and Hampstead together, totaling three communities in the area.

CPP and Hampstead’s total development investment is approximately $23.1 million, which includes the purchase price of $10.8 million and an estimated renovation cost of $72,850 per unit. The properties’ HUD subsidy was set to expire, but with CPP and Hampstead’s involvement the homes will now remain affordable and prevent displacement of residents earning up to 50 percent and 60 percent of the area median income (AMI) until 2074.

“New affordable housing developments in the Great Falls area have significant waitlists, so the preservation and modernization of the existing affordable housing stock is important to the residents of this community,” says Karen Buckland, vice president at CPP.

Built in 1979, Sunshine Village features 72 one- and two-bedroom units in a single three-story building. Also built in 1979, the Broadview Manor properties offer three- and four-bedroom units.

Interior renovations will take place in all the units with a focus on sustainability, including installation of new low-VOC vinyl plank flooring, and formaldehyde-free cabinets and counters. Upon completion, the homes will include energy-efficient upgrades, such as Energy Star-rated appliances, LED lighting fixtures, low-VOC paint and low-flow plumbing fixtures. Sunshine Village will receive necessary ADA compliance upgrades.

Renovations are scheduled for completion in May 2024. Montana Board of Housing awarded tax-exempt bonds and 4 percent Low-Income Housing Tax Credits, WNC is the equity partner and Glacier Bank provided the debt.

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