The renovation of Monument Arms in Fairfield is a joint venture collaboration between Jamboree and Community Preservation Partners, the development arm of WNC & Associates, Inc. – a leading tax credit investor nationwide since 1971.
Goals for the renovation were to ensure long–term affordability for residents and to significantly raise the quality of the residences and amenities. Residents were temporarily relocated during the rehabilitation, which included new windows, water heaters, flooring, and upgrades to central heating and air. All kitchens and bathrooms were completely refurbished with new cabinets, counter tops, appliances, lighting and plumbing fixtures.
New landscaping and other sustainable building approaches were used to promote environmental health and bring Monument Arms up to current accessibility and green standards. Amenities such as a playground and swimming pool increase resident use of outdoor spaces.
In jeopardy of going to market-rate rents, the joint venture replaced the expiring U.S. Department of Housing and Urban Development (HUD) HAP contracts with bonds, 4% tax credits and a long-term Section 8 contract, preserving the affordability of the apartment homes for at least another 55 years.