In 2024, CPP acquired Crestview Terrace, an affordable housing development in Ellensburg, Wash., comprised of 168 units. In addition to serving low-income individuals and families, the property also serves special needs groups including large families, people with disabilities, and people experiencing homelessness. Last renovated in 2008, the property experienced deferred maintenance and needed significant upgrades to properly serve its residents and maintain occupancy. Due to local laws and regulations, any updates to the property were required to meet the environmental requirements from Washington State Housing Finance Commission’s (WSHFC) Bond / Tax Credit Program Policies, as well as the Evergreen Sustainable Development Standard (ESDS).
To address each of the environmental requirements, CPP hired an environmental consultant, PARTNER, who worked closely with the architect, general contractor, and construction managers to develop a construction budget that would address each of these requirements. During this process, CPP and PARTNER worked closely together to address challenges in meeting the requirements, including reviewing lengthy documents and performing multiple site visits to gauge the condition of the property. For example, several months before the application submission deadline WSHFC’s policies were updated to include heat pumps as a mandatory requirement, impacting the construction budget significantly. Additionally, the team had to be mindful of the cost of incorporating the environmental requirements into the construction budget, as CPP was seeking “efficiency” points under WHSFC’s tax credit/bond program and could not go beyond a certain dollar threshold to improve chances of a tax credit/bond award.
CPP and team were successfully able to meet all the mandatory requirements of the WSHFC and ESDS programs while also reviewing and implementing optional requirements to secure additional tax credit/bond awards. Under WSHFC policies, CPP implemented ductless heat pumps, electrical system upgrades, installation of high-efficiency water heaters, LED lighting throughout the property, and solar panel installation, among other improvements. Under the ESDS program, CPP installed low flow plumbing fixtures and Energy Star appliances, attic and pipe insulation and new windows, among other items. The remaining funds will be used to improve the quality of life for residents and preserve and enhance the condition of the property over the long term, including the addition of on-site basketball courts, playgrounds and a gym. With CPP’s involvement, the property’s affordability will be retained for the next 40 years.
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