When it was built in 1917 in downtown Great Falls, MT, the Elmore Roberts building (then known as the Elmore Hotel) represented one of the city’s most modern and elegant structures boasting electricity, steam heat, gas, and private telephone hookups. Because of this distinction, in 1985 the building was added to the National Register of Historic Places. Later, in 2007, it was converted into affordable housing. Recently, the property’s two Moderate Rehab contracts were set to expire, but with CPP’s involvement, a new 20-year Housing Assistance Payment (HAP) contract could be put in place with the right combination of financing.
Given the complexity of preserving affordable housing at a recognized historic building, CPP worked with national consultant group, PARTNER, which specializes in historic building preservation. With their help, CPP worked through the multiple phases of approval (Parts 1 and 2) with the entities overseeing the process: the State Historic Preservation Office (SHPO), and the National Park Service. This required great care in preserving important elements of the building, including maintaining the cornice and façade of the development, and replacing the weathered windows with new ones that met historic criteria.
Working with an experienced partner was an important part of keeping the financing on track and on time. CPP’s total development investment in Elmore Roberts was approximately $12,800,000. This translates to an estimated per unit renovation cost of $93,000. The funding package relied on multiple pieces: WNC & Associates, who purchased 9% tax credits and historic federal tax credits; Glacier Bank provided construction financing; MBOH provided a permanent loan via the Coal Trust Multifamily Homes program; Montana Healthcare Foundation provided a permanent loan (2nd position); and the City of Great Falls provided $430,000 in tax increment funding (TIF funds).
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