Preserving Affordable Housing. Strengthening Rural Communities.
In 2025, Community Preservation Partners, in partnership with Bettencourt Properties and The Beneficial Housing Foundation, acquired Sundance Apartments, a 60-unit affordable housing community in Bakersfield, California. Located in the Spice Tract neighborhood, the property serves working families in a region where housing costs continue to rise.
Originally built in 1981, Sundance had not received any major rehabilitation and faced an expiring affordability structure. Without intervention, residents risked losing both housing stability and access to subsidy support.
Our Mission: Preserve and Reinvest
CPP set out to protect affordability while addressing long-standing physical needs across the property.
The team committed $32.5 million to acquire and rehabilitate Sundance Apartments. Planned upgrades focus on enhancing the residential environment, improving efficiency, and supporting long-term durability, including:
These improvements modernize aging systems and create more reliable, comfortable homes for residents.
CPP also renewed the Section 8 Housing Assistance Payment contract for 20 years and implemented a new 55-year Land Use Restrictive Agreement. These steps secure long-term affordability for families earning at or below 60 percent of area median income.
Supporting Families Beyond Housing
CPP paired physical improvements with services designed to support long-term stability.
Through a partnership with LifeSTEPS, residents gain access to on-site programs that include:
These services help families build stability and improve outcomes over time.
Financing the Preservation
The development used 9 percent Low-Income Housing Tax Credits to fund rehabilitation and secure equity investment.
WNC & Associates provided more than $18 million in equity, while Banner Bank and KeyBank supported construction and permanent financing. This structure allowed the team to complete needed upgrades while maintaining affordability.
A Community Stabilized
Sundance Apartments addresses a clear need in Bakersfield, where nearly one-third of residents spend a large share of income on housing.
The project preserves 60 family-sized homes, upgrades critical infrastructure, and extends affordability for decades. Residents benefit from improved living conditions and access to services, while the broader community retains an essential source of affordable housing.
This development protects housing supply, supports working families, and strengthens a neighborhood that depends on stable, affordable homes.
