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New Affordable Senior Housing Development Complete in Iowa

DES MOINES, Iowa, June 29, 2016 (GLOBE NEWSWIRE) -- WNC, a national investor in real estate and community development initiatives, announced today that Legacy Manor of Mason City II, a 48-unit newly constructed affordable senior housing community, is complete in Mason City, Iowa. WNC provided $5.9 million in LIHTC equity to fund the development, located approximately 120 miles north of Iowa’s capital city, Des Moines.

Legacy Manor of Mason City II is a three-story, elevator-serviced building comprised of two-bedroom apartment homes with approximately 800 square feet of space for seniors aged 55 and older.

“Legacy Manor is an upscale senior housing community with numerous amenities and scenic views for residents and their visitors to enjoy,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “The community provides seniors with a safe and quality home that is within their means. We couldn’t be happier to help deliver these homes to local residents in need.”

Located at 3310 9th St. Southwest, community amenities at Legacy Manor of Mason City II include onsite management, a clubhouse, fitness center, business center, picnic area, gazebo, community garden, beauty salon, library and walking trails. Individual units include an electric range and other kitchen appliances, washer and dryer, central air conditioning and ceiling fan.

Anchor Housing Development LLC received the LIHTC equity to construct Legacy Manor of Mason City II. Daniel Tonnesen acted as the project developer for the development, which took one year to complete.

About WNC

WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives, as well as a leading investor in low-income housing tax credits (LIHTC). WNC has acquired more than $7.6 billion of assets totaling in excess of 1,290 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 julie@spotlightmarcom.com

Source:WNC & Associates