CPP and The Hampstead Companies Announce Acquisition and Rehabilitation of Three Affordable Housing Properties in Sioux City, Iowa

Preservation effort extends affordability and delivers critical upgrades across three established communities

SIOUX CITY, Iowa, June 02, 2026 (GLOBE NEWSWIRE) -- CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, and The Hampstead Companies (Hampstead), parent to a group of vertically integrated companies dedicated to serving the affordable housing and community development industries, have announced the acquisition and planned rehabilitation of a three-property affordable housing portfolio in Sioux City, Iowa.

The portfolio includes the Morning Hills, Southview and Townview communities, located at 2627 S. Rustin Street, 2728 S. Helen Street, and 400–464 W. 4th Street, respectively. Together, the properties total 160 apartment homes and serve families across a range of unit sizes.

Built between 1972 and 1979, the properties include a mix of townhouse-style and garden-style walk-up housing. Townview previously underwent a LIHTC renovation in the late 2000s, while Southview and Morning Hills have not received prior LIHTC investment. Due to age and scale, the properties require significant repairs, which this rehabilitation will address.

“This investment protects critical affordable housing in Sioux City and positions these communities for long-term stability,” said John Fraser, Vice President, CPP. “Through targeted upgrades and thoughtful improvements, we are creating safer, more modern homes while ensuring residents can continue to access quality housing they can afford.”

The portfolio includes 32 units at Townview and 32 units at Southview, each offering two- and three-bedroom townhomes. Morning Hills adds 96 units with a mix of one-, two-, and three-bedroom apartment homes, providing a range of options for families of varying sizes.

Located near key community assets and just over a half mile from downtown Sioux City, Townview sits adjacent to Cook Park, which offers green space, sports courts and recreational amenities. Morning Hills and Southview are located in southeast Sioux City near the Sergeant Floyd monument and within walking distance of each other.

“We are proud to partner with CPP to preserve and strengthen these communities in Sioux City,” said Greg Gossard, President of Hampstead. “This investment in this community reflects our shared commitment to delivering high-quality affordable housing while making meaningful improvements that support residents and the broader community over the long term.”

The rehabilitation will deliver comprehensive upgrades to building systems and enhance the resident experience across all three communities. Planned improvements include ADA conversions for select units, significant plumbing and infrastructure upgrades, and resurfaced parking areas. Interior enhancements will feature updated fixtures and finishes, new EnergyStar appliances, and modernized life-safety systems with hard-wired smoke alarms. Exterior improvements will include accessible paths of travel and new playgrounds designed to support resident well-being. All upgrades will meet EnergyStar and Iowa Finance Authority construction standards.

Additionally, Townview features an onsite childcare center operated by the Community Action Agency of Siouxland, offering affordable childcare services for local families. This resource will continue to support residents by providing accessible, high-quality care within the community.

The current Housing Assistance Payments contract extends affordability through 2033. This transaction will extend affordability through at least 2046, with a longer-term use restriction expected through Iowa Finance Authority agreements.

The total development cost is approximately $44.3 million, including about $13.1 million in planned renovations, or roughly $82,000 per unit. Financing includes 4% LIHTC, tax-exempt bonds issued by the Iowa Finance Authority, and private placement debt. PNC serves as the LIHTC investor, and Ironsand provides debt financing.

About Community Preservation Partners
In 2004, Community Preservation Partners was established by their parent company, WNC & Associates, a national investor in affordable housing and community renewal initiatives. Since then, CPP has successfully acquired, developed, and rehabilitated more than 17,000 affordable multifamily and senior housing units nationwide. From the very beginning, they’ve done things differently. As more than a consultant or an investor, CPP is a true partner in every sense. By joining leading nonprofits and strategic partners, they can provide essential social services to residents, support neighborhood initiatives and transform multifamily affordable housing communities. Creativity, Performance, and Purpose are their core values and embody everything they do. Together they define A Different Way to Home for their excellent employees, partners, and communities. To learn more, visit: https://www.cpp-housing.com/

About The Hampstead Companies
Since its formation, Hampstead has defined the cutting edge of affordable housing development, identifying the preservation, creation, and improvement of affordable housing and surrounding neighborhoods as its primary goal. In this regard, Hampstead has a proven record of success in combining financing sources at the federal, state, and local levels to create and preserve affordable housing. The majority of Hampstead’s portfolio has been preservation, acquisition and rehabilitation of existing affordable housing properties, including multifamily and senior communities. New construction of affordable units has generally occurred in tandem with greater redevelopment plans and has been urban infill by nature. Hampstead has redeveloped over 9,700 units of affordable housing nationwide and has helped guide the investment of over $1.5 billion dollars of various private, federal, state, and local sources.

MEDIA CONTACT
IDEA HALL
Andy Vernier
Andy@ideahall.com

Photos accompanying this announcement are available at:

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Morning Hills Apartments - Sioux City, IA

Southview Apartments - Sioux City, IA

Townview Apartments - Sioux City, IA

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