WNC, Pedcor to Build Affordable Housing in Houston
The announcement follows a series of affordable housing acquisitions from the developer.
WNC & Associates and Pedcor Companies have begun construction on Willow Creek Manor, a 264-unit affordable housing community located Kohrville, Texas. The $79.8 million project project is expected to finish construction in 2027.
Willow Creek Manor’s construction was funded through four percent Low Income Housing Tax Credits, tax-exempt bonds, and an (FHA 221(d)4) loan from the Department of Housing and Urban Development.
The project’s design calls for 11 garden-style buildings spanning a total 261,228 square feet. Floor plans include 72 one-bedroom homes, 156 two-bedroom homes and 36 three-bedroom units for families earning at or below 60 percent of the Area Median Income. Apartments include Energy Star-rated electric ranges, microwaves and refrigerators, as well as washer/dryer hookups, in addition to central air conditioning, energy-efficient dishwashers and ceiling fans.
A clubhouse with a business center, fitness center, community room, laundry room and on-site management office are among the community’s amenities, along with a common Wi-Fi area, swimming pool and a playground.
Located off of Highway 249, Willow Creek Manor is roughly 20 miles to the northwest of downtown Houston.
WNC investment activities
In March, Belmont Development Co. and WNC & Associates in March combined to purchase three affordable housing properties in the towns of Arkoma, and Pocola, Okla. They intend to invest $10.9 million in the renovation and preservation of the assets through LIHTC financing.
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In August of last year, WNC & Associates closed its $120 million WNC Institutional Tax Credit Fund X California Series 21, L.P., which included six properties in California. The company said the fund could address 77 percent of households in the state that spend more than half of their income on rent.
