Community Preservation Partners (CPP Housing) announced the closing of six rural communities in central New Mexico. This marks the final installment in a total grouping of 654 units in 20 properties across ten counties in the state that began in 2019. CPP serves as the fee developer for J.L. Gray Company, who will own and operate the properties.
Purchased for $7.3 million with a four percent tax credit equity investment of $8 million, the central portfolio comprises 218 units across four family and two senior properties in the cities of Las Vegas, Portales, Artesia, Belen and Ruidoso Downs.
“In New Mexico, it is extraordinarily difficult for affordable housing communities in rural areas to secure the financing they need to address maintenance and rehabilitation,” said Anand Kannan, president at CPP. “With our experience in rural development, CPP was able to arrange the smaller communities into portfolios that would meet both the mortgage finance authority and the rural development requirements to make a reinvestment possible.”
