Cypress Cove is a 200-unit affordable rental community in Escondido, California, with affordability restrictions nearing their 15-year expiration. Community HousingWorks (CHW), located in San Diego, California, came to CHC for financing to acquire the property. Acquisition by CHW preserves existing affordable housing for an additional 55 years for renters at or below 60% of area median income and provides CHW’s transformative services to a community of over 400 residents.
CHW has earned a strong reputation and gained valuable experience acquiring and renovating existing properties and has a strong record of performance for completing projects on-time and on-budget. CHW has received more tax credit allocations (22) for San Diego County, California, than any other local developer and has completed twelve 9% LIHTC deals, and ten 4% LIHTC deals with the most recent a 4% acquisition rehab project.