National real estate investor WNC recently announced the completed renovation of a historic building which now provides 40 affordable housing units in Hutchinson, Kansas.
WNC provided $7.5 million in low-income housing tax credit (LIHTC) equity that allowed for the redesign and reconstruction of the 100 year old building. Renamed Wiley Plaza, the property consists of ground-floor retail units, two floors and a penthouse with market rate apartments, and five floors that offer the 40 units of affordable housing.
“The Wiley Plaza is a testament to the ability of private and public entities to work together to improve our local communities efficiently and effectively,” said WNC’s Senior Vice President of Underwriting, Greg Hand. “State, local and federal tax credits were employed to not only renovate this beautiful structure, but to deliver terribly needed quality, affordable housing to the people of Hutchinson. We couldn’t be more pleased with the result.”
The Irvine-based WNC was founded in 1971 and has acquired over 1,225 properties in 45 states totaling $6.5 billion of assets.