CPP Closes Project Using 501(c)(3) Financing Model
WNC subsidiary Community Preservation Partners (CPP) has closed on the acquisition and rehabilitation of College Arms, a 164-unit affordable housing community in Tarrytown, New York, marking a significant milestone in innovative preservation financing.
Located within walking distance of historic downtown Tarrytown and overlooking the Hudson River, College Arms primarily serves senior residents in a high-value real estate market. The transaction represents CPP’s first project structured under a 501(c)(3) model, utilizing tax-exempt bonds in place of traditional tax credits—an approach driven by preservation tax credit unavailability in New York State.
CPP served as developer for the Foundation for Affordable Housing on the deal, which in addition to long-term preservation and modernization also includes enhanced amenities such as an outdoor kitchen and playground.
“I'm incredibly proud of Scott Fink’s problem-solving abilities in figuring out an alternative preservation financing execution as a typical tax credit preservation is currently not possible. in the state of New York,” said John Fraser, Senior Vice President of Development at CPP. “His creativity and persistence made this innovative structure possible and set a precedent for future deals in high-value markets.”
CPP plans to replicate this financing model in other regions where rising property values make traditional preservation strategies more challenging, further expanding access to affordable housing nationwide.