"Though the NOVO Apartments provided naturally occurring low rents, had CHW not stepped in to preserve the units, there was a good chance the apartments would have been sold to a market-rate buyer who could have increased rents and potentially displaced tenants."
Recently, NEF collaborated with our long-time partners at Community HousingWorks and the California Housing Finance Agency (CalHFA) to preserve 126 units of unrestricted housing in the Eastern Los Angeles County community of Rowland Heights. The preservation equity deal will help maintain those affordable housing units for a minimum of ten years.
In a recent case study, Tax Credit Advisor contributing writer Mark Fogarty sat down with NEF's Brandon McCall and CalHFA's Stephanie McFadden to discuss and examine the advantages of preservation equity, which often means fewer financing sources and simpler execution.
Read the full case study here, as well as the press release about the NOVO Apartments and the preservation equity transaction here.
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