DECATUR, Ind., Oct. 13, 2014 (GLOBE NEWSWIRE) -- WNC, a national investor in real estate and community development initiatives, announced today the redevelopment of Village Green Senior Apartments, a 112-unit affordable senior housing community in Decatur, Ind., is complete. WNC provided $6.06 million in low-income housing tax credit (LIHTC) equity to fund the project.
Village Green Senior Apartments was redeveloped by Biggs TC Development LLC. The general partner of the project, Adams County III, L.P., received the LIHTC equity for the redevelopment.
"WNC is pleased to have helped preserve Village Green Senior Apartments and to upgrade the units within to provide residents with high quality amenities," said WNC Executive Vice President and Chief Operating Officer Michael Gaber. "Throughout the nation, the stock of affordable housing is falling far short of demand, and WNC is committed to doing all that we can to preserve and expand quality affordable housing for all Americans."
Located at 1109 Bollman St., Village Green Senior Apartments consists of one- and two-bedroom single-story, garden-style units. The property is available to seniors ages 62 and older, earning between 30 and 60 percent of the area's median income. Community amenities include a computer center, laundry facility, gazebos, community room, picnic area, gardening area and on-site management. Each unit is equipped with an electric range, refrigerator, garbage disposal, ceiling fans, patio, carpet, central air conditioning and washer/dryer.
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives. WNC has acquired more than $6.3 billion of assets totaling in excess of 1,200 properties in 45 states, Washington D.C. and the U.S. Virgin Islands. Since 2000, WNC has been awarded four New Markets Tax Credit (NMTC) allocations, totaling $178 million, and has facilitated development of 17 low-income community projects. WNC's investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies. Additional information is available at www.wncinc.com.
CONTACT: Julie Leber Spotlight Marketing Communications 949.427.5172, ext. 703 firstname.lastname@example.orgSource:WNC & Associates