In 2014 and 2015, we collaborated as co-developers with Shelter Corporation to substantially renovate the Parkside Apartments and rebrand it as The Groves under a new ownership structure. The renovation takes advantage of CDA allocations of Low Income Housing Tax Credits and its GAP financing program to fund the project. Under the new ownership structure, the CDA will still be a member with a vested interest in the property and have first option to once again fully own the property after the 15-year tax credit compliance period is complete. The $4.4 million in improvements represents a substantial investment that benefits not only in the property itself but also the greater Cottage Grove community.
The rehabilitation project consisted of demolition of four units to increase site safety and security, creation of a playground, exterior improvements, and substantial interior improvements including central air conditioning, in-unit washers and dryers, replacement of kitchen appliances and cabinetry, new flooring, and new windows.