Industry-leading affordable housing nonprofit enters new market with acquisition of Houston-area community
November 16, 2022 (San Diego) – Community HousingWorks (CHW), a California-based nonprofit that builds and provides affordable homes infused with powerful onsite resident programs, has acquired Park at Woodland Springs, an affordable housing community located in The Woodlands area outside Houston, Texas. The complex is CHW’s first acquisition in Texas, and its first outside California.
Park at Woodland Springs provides 1-, 2-, and 3-bedroom apartments. The community also features a pool, fitness center, playground, picnic area, and both in-unit and community laundry facilities.
An internationally recognized developer, CHW invests in improving the quality of life for the residents of its properties, providing a suite of resident services, and ensuring the long-term affordability of the units. This experience in affordable housing preservation has enabled CHW to combat the commodification of these critical community resources throughout California, and now in Texas.
“Park at Woodland Springs was already an affordable housing community before this acquisition. Our team saw an opportunity to extend its affordability for its low-income residents, in a region where there aren’t many affordable options,” explains CHW President and CEO Sean Spear. “In addition to our own activity, we hope to come alongside and support organizations like ours to save affordable housing in the communities they serve. We believe that this acquisition will serve as a model for how a preservation-minded owner/developer can make an already good rental community great.”
CHW is continuing to innovate in the affordable housing sphere with this acquisition, according to Mary Jane Jagodzinski, CHW Senior Vice President of Housing and Real Estate Development. “CHW has 45 development communities with 4,051 affordable apartments, serving over 10,000 residents throughout California –and now Texas with this acquisition led by Nhan Ho, CHW’s lead for preservation. We have the expertise and financial strength to do even more of these transactions, always focused on working with local stakeholders to tailor our programs and apartment communities to be good neighbors and fit the community need. As we work with The Woodlands area community on this new acquisition, we look forward to forging local partnerships that will serve as a model for success.”
Funding for the project includes financing from the National Equity Fund (NEF), as well as an investment by CHW itself. “National Equity Fund is proud to have collaborated with Community HousingWorks to finance the acquisition of Park at Woodland Springs,” said NEF President & CEO Matt Reilein. “At NEF, preserving affordable housing through innovative financial solutions is a critical part of our mission and we look for partners who are just as passionate as we are to bring that mission to life. CHW is a proven, trusted partner and we look forward to future collaborations to bring safe, stable and affordable housing to those who need it most.”
CHW has won multiple awards including recognitions from the Novogradac Journal of Tax Credits, Gold Nugget Grand Awards from the Pacific Coast Builders Conference, Reader’s Choice Awards from Affordable Housing Finance magazine, and the international Urban Land Institute’s Award of Excellence.
“CHW first expanded beyond San Diego County in 2014 with the acquisition of the Azusa Apartments in the Los Angeles area. Since that time, the organization has gone on to do both more acquisitions and constructed new affordable communities throughout California. This move into Texas is a continuation of that vision to provide quality affordable housing and life-changing services to residents of our communities in locations where it makes sense with the right partners and properties,” said CHW Board Chair Don Ambrose. “We are excited about the opportunities in Texas and hope to continue to expand when the timing, location, and partnerships align.”
About Community HousingWorks
Founded in 1988, Community HousingWorks is an award-winning, internationally recognized 501(c)(3) nonprofit organization that develops, rehabilitates, preserves, and operates affordable apartment communities throughout California and now Texas. In addition to providing working families and seniors with stable homes in healthy communities, Community HousingWorks layers in powerful programs, services, and connections to resources. These tools help people attain financial stability, improve their health and overall well-being, and set school-age children up for success in the classroom and beyond. Recognized as one of top 50 affordable housing developers multiple years by Affordable Housing Finance magazine, Community HousingWorks owns over 4,051 apartments in 45 communities in California and Texas, serving over 10,000 working families, children, and seniors, with a pipeline of more than 1,200 new apartments. Community HousingWorks is an “exemplary” ranked member of the national NeighborWorks Network®, an award-winning affiliate of UnidosUS, and a member of the prestigious Housing Partnership Network. To learn more, visit https://chworks.org/. We Build Futures.