Kaweah Management Company and The Pacific Companies Develop 47-Unit Affordable Housing Community in Central California
- Aug 26, 2014
Tulare, Calif.—Kaweah Management Company and The Pacific Companies has developed The Aspens, a 47-unit affordable housing community in the Central California town of Tulare, made possible thanks to a $6.4 million low-income housing tax credit equity by WNC.
“The Aspens helps to further our company vision of providing decent, safe affordable housing to those in need,” Michael Gaber, WNC’s executive vice president and chief operating officer, tells MHN. “The Aspens is restricted to the members of the community that make less than 60 percent of the median income.”
Located at 1500 – 1673 Aspen Ave., the property consists of a combination of two- and three-bedroom units, designed for families. The Aspens has attached garages, a community laundry room, playground, swimming pool, exercise room, computer room, a community room and washer/dryer hook ups in the three-bedroom units.
“This property offers quality accommodations with many in-house and on-site amenities,” Gaber says. “We couldn’t be happier to work with our development partners, including the Pacific Companies, the City of Tulare, the Housing Authority of Tulare County, and Rabobank to increase the nation’s supply of low-income housing.”
The Aspens is centrally located within a close proximity to shopping, retail and employment centers. It is also located in a part of Tulare that is serviced by some of the best elementary, middle and high schools in the area.
“As evidenced by the extremely fast lease up, there is a significant demand for safe, decent affordable housing within Tulare,” Gaber says. “The Aspens helps to meet that need.”
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 allocations, totaling $178 million, and has facilitated development of 17 low-income community projects.