WNC provided approximately $11.2 million in LIHTC equity to fund the project
MISSION VIEJO, Calif., Oct. 3, 2018 /PRNewswire/ — WNC, a leading provider of investment, asset management and development services in the affordable housing industry, announced today that the renovation of Heritage Villas, a 143-unit affordable housing community for seniors aged 62 and older in Mission Viejo, California, is complete. WNC provided approximately $11.2 million in low-income housing tax credit (LIHTC) equity to help fund the project.
Jamboree Housing Corporation, which helped construct the property in 2000, served as the developer of the renovation, which took approximately three months to complete.
"The demand for affordable housing in Orange County consistently outpaces the development of new supply, resulting in a critical need to protect and rehabilitate existing communities in the area," said WNC chief operating officer Michael Gaber. "WNC has partnered with Jamboree Housing Corporation on many projects over the years, and we are very pleased to once again collaborate to provide quality, affordable housing options to those in need."
Located at 26836 Oso Parkway, the community is comprised of 128 one-bedroom units and 15 two-bedroom units. Community amenities include onsite management, a community room, laundry facility, computer/business center, fitness center, library, swimming pool, jacuzzi spa, elevator, picnic area and social services/activities.
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives, as well as a leading investor in low-income housing tax credits (LIHTC). WNC has acquired more than $9.3 billion of assets totaling in excess of 1,375 properties in 47 states, Washington D.C., and the U.S. Virgin Islands. WNC’s investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies. Additional information is available at www.wncinc.com.
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