REAL ESTATE FINANCING
Untitled Page
WNC provides $9.5M to build 70-unit NC affordable housing community
Financial backing by the Irvine firm will provide for a redeveloped area for potential residents
by Jennifer OckPublished: January 31, 2012 12:25 PM
WNC & Associates, Inc., an Irvine-based national investment firm in urban renewal and affordable housing projects, has administered $9.5 million in Low Income Housing Tax Credit (LIHTC) financing to The Landmark Group for the acquisition and multi-usage of two historic former mills in downtown Asheboro, NC. Landmark plans to redevelop the 95,326-square-foot property into Asheboro Lofts, a 70-unit affordable housing community.
Landmark will use the former Asheboro Hosiery Mill and Cranford Furniture Mill’s existing architectural features to mold a distinct, industrially influenced design. Each unit will feature large windows, high ceilings, and other historical elements reminiscent of the former mills, which were constructed in 1917 and 1925, respectively.
The plan for the community includes 20 one-bedroom units, 32 two-bedroom units and 18 three-bedroom units, each incorporating energy-efficient designs, high-speed Internet service, and new appliances. Community amenities will offer a technology learning center, exercise room, playground, and wide outdoor sitting and picnic areas.
Located within a one-mile radius from two major highways and public transportation, the project is also located within a well-developed commercial and residential area. The central location allows residents to be within easy distance to a wide range of dining, shopping and recreational options. Furthermore, an elementary, middle and high school is in close distance to the projected community.
“Asheboro has experienced steady population growth, creating the need for well-located, affordable housing options,” said Tom Maxwell, vice president of originations at WNC. “This project will transform a non-productive former industrial site into a thriving residential property with state-of-the-art amenities.”
The $12.1 million project will be aided by federal historic tax credits and State Mill Rehabilitation tax credits, in addition to LIHTC, as appropriated by the North Carolina Housing Financing Agency. An indirect federal subsidy, the LIHTC program assists low-income households with affordable rental housing.
The Landmark Group’s property management arm, Landmark Property Management Company (LPMC), will manage the site. LMPC currently oversees 3,078 residential units and 71 commercial units.
WNC focuses on Low Income Housing Tax Credits and New Market Tax Credit and has acquired over $5 billion of assets extending in more than 1,050 properties in 45 states. Moreover, WNC has been awarded four NMTC allocations to date, totaling $178 million, and has helped in the development of 13 low-income community projects.
Related headlines
WNC helps finance development of New Brunswick Wellness Plaza in ‘food desert’
Neighborhoods -- Awards and Honors
Locally designed affordable housing community opens in Big Bear Lake
|
||||
|
Landmark will use the former Asheboro Hosiery Mill and Cranford Furniture Mill’s existing architectural features to mold a distinct, industrially influenced design. Each unit will feature large windows, high ceilings, and other historical elements reminiscent of the former mills, which were constructed in 1917 and 1925, respectively. The plan for the community includes 20 one-bedroom units, 32 two-bedroom units and 18 three-bedroom units, each incorporating energy-efficient designs, high-speed Internet service, and new appliances. Community amenities will offer a technology learning center, exercise room, playground, and wide outdoor sitting and picnic areas. Located within a one-mile radius from two major highways and public transportation, the project is also located within a well-developed commercial and residential area. The central location allows residents to be within easy distance to a wide range of dining, shopping and recreational options. Furthermore, an elementary, middle and high school is in close distance to the projected community. “Asheboro has experienced steady population growth, creating the need for well-located, affordable housing options,” said Tom Maxwell, vice president of originations at WNC. “This project will transform a non-productive former industrial site into a thriving residential property with state-of-the-art amenities.” The $12.1 million project will be aided by federal historic tax credits and State Mill Rehabilitation tax credits, in addition to LIHTC, as appropriated by the North Carolina Housing Financing Agency. An indirect federal subsidy, the LIHTC program assists low-income households with affordable rental housing. The Landmark Group’s property management arm, Landmark Property Management Company (LPMC), will manage the site. LMPC currently oversees 3,078 residential units and 71 commercial units. WNC focuses on Low Income Housing Tax Credits and New Market Tax Credit and has acquired over $5 billion of assets extending in more than 1,050 properties in 45 states. Moreover, WNC has been awarded four NMTC allocations to date, totaling $178 million, and has helped in the development of 13 low-income community projects. Related headlines WNC helps finance development of New Brunswick Wellness Plaza in ‘food desert’ Neighborhoods -- Awards and Honors Locally designed affordable housing community opens in Big Bear Lake |
||||
