NEWPORT BEACH, Calif., March 26, 2018 /PRNewswire/ — Community Development Partners and BLVD Capital will host a grand opening celebration for Baltimore Gardens and Cleveland Gardens Apartments on Tuesday, March 27, 2018 at 11am. The Baltimore and Cleveland Gardens project is a 201-unit, family development for households earning up to 60 percent of the area median income (AMI). The ribbon cutting will take place at 316 West Baltimore Ave in Las Vegas, NV, and will feature the following speakers:
Baltimore Gardens and Cleveland Gardens Apartments are the newest projects to join Community Development Partners’ expanding portfolio of life-enriching, affordable communities.
Located in close proximity at 316 West Baltimore Ave and 311 Cleveland Ave, the two rehabilitated apartment complexes consist of 201 units throughout 21 buildings constructed between 1958 and 1960. All units receive Section 8 rental assistance. Extensive upgrades were made to update building systems and exteriors and water efficient landscaping was installed. Interiors were updated to include new flooring, paint, cabinets, countertops, and energy efficient windows and appliances. Renovations were designed by Integrated Design & Architecture, constructed by Precision General Contractors, with property management by Cornerstone Residential.
Eric Paine, CEO of Community Development Partners, the project’s developer, says, “These renovations will elevate living conditions, improve energy efficiency, and increase security. These changes go beyond simply providing quality, affordable housing; they help create a healthy and engaged neighborhood.”
The $27 million project financing for Baltimore and Cleveland Gardens includes tax-exempt bonds issued by the Nevada Housing Division (NHD) and equity from the sale of non-competitive 4% Low Income Housing Tax Credits, as well as HOME funds from the City of Las Vegas. HOME is the largest Federal block grant to state and local governments exclusively to create affordable housing.
About Community Development Partners
Founded in 2011, Community Development Partners develops and operates sustainable, life-enhancing affordable housing with a focus on long term community engagement and innovative design. The company has offices in Newport Beach, California and Portland, Oregon and has developed and currently operates properties in Arizona, California, Nevada, and Oregon. For more information, visit: communitydevpartners.com.
SOURCE Community Development Partners