Standard Communities, in partnership with Housing on Merit, completed a $55 million acquisition of Villa de Guadalupe Apartments a 101-unit property in San Jose, California in 2017. The community was preserved as affordable housing for low-income seniors. The acquisition was completed using LIHTCs and private activity tax-exempt bond financing. An existing Project-Based Section 8 affordable housing contract covering all units was renewed via a Chapter 15 Mark-Up-To-Market upon acquisition. Villa de Guadalupe Apartments received an extensive renovation that overhauled the interior of each apartment, as well as enhanced the common areas and on-site community space. No residents were displaced during the renovation.