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LIHTC Equity Allowed for Redevelopment of Senior Housing Community

WNC recently announced the completion of renovations on an affordable senior housing community project in Decatur, Indiana. Located at 1109 Bollman Street, The Village Green Senior Apartments were reopened after WNC provided $6.06 million in low-income housing tax credit (LIHTC) to fund the redevelopment.

Biggs TC Development LLC redeveloped the property and Adams County III, L.P. served as the general partner earning the LIHTC equity.

The 112-unit community is made up of single story garden style buildings with one and two bedroom floor plans. Amenities such as central air conditioning, a laundry facility, community room, picnic area, garbage disposal, and on-site management are also included.

“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.

The Village Green Senior Apartments are available to seniors over the age of 62, who earn between 30 and 60 percent of the area’s median income.

“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,” added Gaber.

Headquartered in Irvine, California, WNC is a national real estate investor that specializes in affordable housing projects. Since 1971, WNC has acquired over $6.3 billion in real estate assets and has facilitated the development of 17 low-income community projects.