Preservation Partners Development

Our Mission

Preservation Partners Development (PPD) acquires, rehabilitates and permanently preserves “at-risk” affordable housing resources which were originally developed under U.S. Department of Housing and Urban Development (HUD) financing and direct rental subsidy programs. Our objective is to provide long term, secure housing communities, and in partnership with affiliated nonprofit corporations, provide supportive social services focused on the most basic needs of very low income families and seniors.

Subsidized Housing Programs

HUD and state housing finance agencies have subsidized more than 1.7 million rental housing units since the late 1950’s, providing affordable housing for over 4 million residents.  Income and rent restrictions on the majority of these housing units will expire between now and 2013, leaving very low income residents exposed to the possibility of conversion of their properties to the unsubsidized market.  These rental properties are privately owned and managed. They are not physically distinguishable from “market rate” properties in a given area.  Many of these properties were constructed under HUD interest reduction or subsidy programs (such as Section 221(d)3 BMIR and Section 236).  They provide low interest rate loans in consideration for reduced rents and household income restrictions.  Other programs, such as Section 8, provide rental assistance directly to residents.  Households pay 30 % of their adjusted income for their portion of the monthly rent, with the balance of the rent paid to the owner by HUD.

Typical families have one, two or three wage earners, and average 20% to 30% of median household income for a given area.  The overwhelming majority of these families cannot afford to pay even the “affordable” rents set at 50% and 60% of median income under the low income housing tax credit program; and other affordable housing resources are extremely limited in major metropolitan areas.  Housing subsidies enable families to bring up their children in decent, safe surroundings, and to avoid a degrading dependence on direct forms of welfare and public assistance.

Typical elderly residents are widows or widowers living on $600.00 to $1,100.00 a month in social security income.  Housing subsidies allow them to live with dignity in well maintained and comfortable apartment homes, and with age and income appropriate supportive social services.

Our Existing Communities

Name Location Units Address Program  

Auburn Villa Apartments

50

628 Mikkelsen Drive, Auburn, CA 95603

Senior  

Banning Villa Apartments

90

1100 N. Banning Blvd., Wilmington, CA 90744

Senior  

Bel'Age Manor Apartments

180

1660 W. Broadway, Anahaim, CA 92802

Senior 55+  

Canyon View Apartments

67

205 Canyon View Rd., Colfax, CA 95713

Senior  

Casa De Cortez Apartments

32

528 De Luz Road, Fallbrook, CA 92028

Family  

Casa Del Pueblo Apartments

165

200 S. Market St., San Jose, CA 95113

Senior  

Cienega Gardens Apartments

180

1211 Lyman Ave., Covina, CA 91724

Family  

Citrus Grove Apartments

50

8845 Citrus Ave., Fontana, CA 92335

Family  

Columbus Square Apartments

64

8561 Columbus Ave., North Hills, CA 91343

Senior  

Corona Park Apartments

160

956 Avenida del Vista, Corona, CA 92882

Family  

Huntington Villa Yorba Apartments

198

16000 Villa Yorba Lana, Huntington Beach, CA 92647

Family  

LA PRO I Apartments

20

249 N. Juanita Ave., Los Angeles, CA 90004

Family  
  20

251 S. Berendo St., Los Angeles, CA 90004

Family  
  20

2802 W. 8th St., Los Angeles, CA 90005

Family  
  24

922 S. Lake St., Los Angeles, CA 90006

Family  
  40

1011-1025 N. Cummings St., Los Angeles, CA 90033

Family  

LA PRO II Apartments

20

5311 Ruthelen, Los Angeles, CA 90062

Family  
  20

3909 Denker Ave., Los Angeles, CA 90062

Family  
  20

1100 S. Berendo St., Los Angeles, CA 90006

Family  
  63

10311 S. Western Ave., Los Angeles, CA 90047

Family  

La Puente Park Apartments

132

14714 E. Prichard St., La Puente, CA 91744

Family  

Lake Merritt Apartments

55

1417 Firs Avenue, Oakland, CA 94606

Senior  

Lynroc Apartments

67

6105 Sunset Blvd., Rocklin, CA 95677

Senior  

Marine Plaza Apartments

40

619 Clay St., Port Townsend, WA 98368

Senior  

Marion Court Apartments

35

3500 Marion Court, Bremerton, WA 98312

Family  

Norwalk Christian Tower Apartments

185

14141 Clarkdale Ave., Norwalk, CA 90650

Senior  

Panorama View Apartments

87

9222 Van Nuys Blvd., Panorama, CA 91402

Senior  

Pioneer Village Estates Apartments

85

600 Fairfax Rd., Bakersfield, CA 93306

Family  

Plum Tree West Apartments

70

1055 Montebello Dr., Gilroy, CA 95020

Senior  

Royal Hills Apartments

284

3000 SE Royal Hills Dr., Renton, WA 98058

Family  

Royal I and II Apartments 

33

717-721 W. El Segundo Blvd., Gardena, CA 90247

Family  
  56

772-776 N. Van Ness Ave., Los Angeles, CA 90038

Family  
  16

1327 S. Catalina St., Los Angeles, CA 90006

Family  
  10

3817 S. Wisconsin St., Los Angeles, CA 90037

Family  

Rowland Height Apartments

144

1945 S. Batson Ave., Rowland Heights, CA 91748

Family  

Second Avenue Apartments

20

1309 2nd. Ave., Los Angeles, CA 90019

Family  

Seminole Gardens Apartments 

60

2607 Linden Way, Palm Springs, CA 92264

Family  

Sky Parkway Terrace Apartments

59

5414 Sky Parkway, Sacramento, CA 95823

Senior  

Springdale West Apartments

410

2095 W. Spring St., Long Beach, CA 90810

Family  

St. Andrews Arms Apartments

45

1511 S. St. Andrews Pl., Los Angeles, CA 90019

Family  

Trailside Village Apartments

250

1300 100th Place SE., Everett, WA 98208

Family  

Two Worlds Apartments

24

809 W. 23rd St., Los Angeles, CA 90007

Family  
  8

1048-54 W. 42nd St., Los Angeles, CA 90007

Family  
  8

8640 S. Denver Ave., Los Angeles, CA 90044

Family  
  20

4807 Gracmercy Place, Los Angeles, CA 90062

Family  
  11

2625 S. Harvard Blvd., Los Angeles, CA 90018

Family  
  25

1306 S. Westlake Ave., Los Angeles, CA 90007

Family  

Village Center Apartments

100

200 E. Lincoln Ave., Los Angeles, CA 92805

Senior  

Wadsworth Park Apartments

3

988 42nd. Place, Los Angeles, CA 90011

Family  
  3

1019 E. 43rd. St., Los Angeles, CA 90011

Family  
  4

1020 E. 43rd. St., Los Angeles, CA 90011

Family  
  4

1028 E. 43rd. St., Los Angeles, CA 90011

Family  
  3

1033 E. 43rd St., Los Angeles, CA 90011

Family  
  4

1042 E. 43rd St., Los Angeles, CA 90011

Family  

Strategic Partnerships

Our transactions have been financed by tailoring unique and complex structures that include tax exempt bonds, the sale of low income housing 4% or 9% tax credits, and gap financings from affordable housing loan/equity providers such as state and local governments. The bonds have either been directly purchased by financial institutions, or credit enhanced by government related entities or financial institutions rated by Standard & Poor’s or Moody’s, and sold in the public markets.  The low income housing tax credits have been syndicated to investors to provide the funds needed for acquisition and rehabilitation  When needed, gap financings have been structured as long term debt or surplus cash notes, and have been provided by various affordable housing equity/loan providers that include cities, counties and state agencies.  In order to meet the varying needs of our communities we have formed strategic relationships or partnerships with the following entities:

Issuers California Statewide Communities Development Authority (CSCDA), CalHFA, City of Hayward, Housing Authority of the County of Los Angeles, Housing Authority of the City of Sacramento, the Suffolk Redevelopment and Housing Authority, the Washington State Housing Finance Commission and the Housing Authority of the City of Anaheim.
Bond Underwriters D.A Davidson, BancAmerica Securities, Miller & Schroeder.
Credit Enhancers HUD, CalHFA, Comerica Bank, Fannie Mae, Federal Home Loan Bank, US Bank, Washington Mutual Bank; Union Bank.
Tax Credit Investors Edison Capital, Merritt Community Capital Corporation, MMA Financial, Paramount Group, The Richman Group, US Affordable Housing; Us Bank CDA, Union Bank of California.
Affordable Housing Equity Providers Century Housing Corporation, City of Covina, City of Fontana, City of Oakland, City of Hayward, County of Sacramento, State of Washington; City of Los Angeles
Social Service Providers Cornucopia Services, Housing With Heart
Property Managers PPMG, Goldrich & Kest, John Stewart Co., TOPA
Tax Credit Counsel Carle, Mackie, Power & Ross
HUD Counsel Levy, Levy & Levy
Accountant/Auditor Dauby O'Connor & Zaleski LLC