At the time of acquisition, Farrand Village Apartments was a market rate housing development badly in need of capital improvements. The Principals of CCA negotiated the purchase of the property from private for-profit owners with a redevelopment plan that preserved 93% of the units as affordable housing and 7% as market rate units.
Rehabilitation work included new roofs, windows, kitchens, baths, as well as new HVAC, plumbing and mechanical systems. In addition, site work provided significant improvements to parking areas, lighting, and landscaping.
The remaining debt after unit remodeling, construction of a new community center and playground is lower than the original debt. The developer encountered significant political and community opposition prior to the rehabilitation due to preserving the property for low-income households. At project completion, the community association was pleased with the property and the associated improvements with neighborhood blight and crime issues.