WNC Provides $6.06M in LIHTC to Fund Redevelopment Project
- Oct 15, 2014
By Joshua Ayers, Senior Editor
Decatur, Ind.—Irvine, Calif.-headquartered WNC has announced the completion of redevelopment efforts at the 112-unit Village Green Senior Apartments in Decatur, Ind. WNC provided the general partner of the project, Adams County III LP, with $6.06 million in low income tax credit equity and Biggs TC Development LLC oversaw the redevelopment.
“Village Green was originally built in the late 1970s as affordable housing,” WNC Executive Vice President and COO Michael Gaber tells MHN. “WNC was able to help preserve the affordable housing stock with these renovations.”
WNC has partnered with Biggs Development on three previous transactions, according to Gaber. The development company is owned by second generation developer, Kevin Biggs, whose father originally built Village Green Senior Apartments.
The total cost of the Village Green Senior Apartments redevelopment was $9 million, according to Gaber, and the garden-style community features a mix of one- and two-bedroom single-story units that include an electric range, refrigerator, garbage disposal, ceiling fans, central air, washer and dryer and individual patios.
Amenities include a computer center, laundry facility, gazebos, a community room, picnic area and a gardening area.
To be eligible to rent at Village Green Senior Apartments, residents must be at least 62 years of age and earn between 30 and 60 percent of the area median income (AMI), which is about $42,000 for the city of Decatur, according to the U.S. Census Bureau website.
“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,” Gaber says.
Gaber’s comment on housing stock and demand echoes a recent report by the Joint Center for Housing Studies at Harvard and the AARP Foundation that found that “the existing housing stock is unprepared to meet the escalating need for affordability, accessibility, social connectivity and supportive services,” for aging Americans.
According to the report, by 2030 the number of people over the age of 65 in the U.S. is expected to surpass 73 million, but based on current levels, needs-appropriate and affordable housing will be unattainable for that age group.