WNC recently announced the completion of a 184-unit low-income senior housing community renovation project. The four-story Huntington Plaza Apartments are located in the Los Angeles suburb of Huntington Park, California. The acquisition and rehabilitation of the community cost a total of $30.2 million, with WNC providing $5.6 million in low-income housing tax credit (LIHTC).
Based in Irvine, California, WNC is a privately held national investor in real estate and community renewal initiatives. Since its founding in 1971, it has acquired approximately $6.2 billion in assets, totaling over 1,200 properties across the U.S. It has facilitated the development of 17 low-income community projects.
“WNC is an advocate of the preservation of low-income housing communities such as Huntington Plaza Apartments, which is located in an area where quality affordable housing is out of reach for many residents,” commented Will Cooper Jr., president and chief executive officer of WNC. “In partnership with USA Properties Fund and the City of Huntington Park, we were able to renovate and preserve 184 units of low-income senior housing, and equip each unit and the entire community with a number of attractive amenities.” he stated.
The Huntington Plaza Apartments were renovated with USA Properties fund, a real estate development organization that specializes in senior and family housing. Additional project financing was provided by Citibank and the City of Huntington Park. The apartments are open to those who are 55 or older and have income levels between 50% and 60% of the area’s median household income. The apartment community features a number of amenities, including a laundry facility, a fitness center, and a garden area.