Affordable Apartment Development
Cohen-Esrey Affordable Partners, LLC (CEAP) was formed in 1994 to develop and acquire affordable multi-family housing across the United States. To date, 57 properties totaling nearly 4,000 units have been developed or acquired. The firm utilizes Section 42 tax credits as well as HUD programs to achieve its mission.
Cohen-Esrey Affordable Partners (CEAP) is also an active purchaser of existing apartment complexes. CEAP completed the first for-profit Section 236 de-coupling in the nation and has structured a number of projects utilizing tax exempt bond financing, Federal Home Loan Bank loans, HOME loans, state and federal affordable housing tax credits, state and federal historic tax credits and a variety of other programs.
Property types redeveloped by the company include historic hospitals, former schools, hotels, mercantile and warehouse buildings. CEAP develops both seniors and workforce housing. It has built single-story senior housing and two-story family apartments. In addition, CEAP has been installed as the replacement general partner in a number of tax credit properties where the investor desired to bring in new ideas and strategies.
CEAP and its affiliate, Cohen-Esrey Capital Partners, LLC have worked with a number of investors and federal syndicators including Alliant Capital, Apollo Equity Partners, Boston Capital, CharterMac (Related Capital), Edison Capital, ESIC, GE Capital, Heartland Properties, IDACORP, KeyCorp, MMA Financial, Raymond James Financial, Richman Group, Sempra Energy, US Bank and Zurich. Currently, equity for tax credit investments is placed through the Heartland Affordable Housing Funds which are sponsored by Cohen-Esrey Capital Partners.