WNC provided $4.4 million in LIHTC equity to aid in renovating Sonoma Court Apartments, including the installation of energy efficient modifications
San Diego, CA -- (ReleaseWire) -- 03/18/2015 --WNC, a national investor in real estate and community development initiatives, announced today the completion of an extensive renovation to Sonoma Court Apartments, which provides 61 units of affordable housing to Escondido families. WNC provided $4.4 million in low-income housing tax credit (LIHTC) equity to fund the project.
Located at 508 E. Mission Ave., Sonoma Apartments is comprised of a mix of one-, two- and three-bedroom units. Resident amenities include onsite management, a community room, swimming pool, centralized laundry facility, picnic area, extensive green belts, playground and gated entry and parking. Each unit includes central heating and air conditioning, new carpeting, a balcony or patio, and an upgraded stove, refrigerator and dishwasher.
"We are very pleased to have worked with Affirmed Housing and NEXUS for Affordable Housing Inc. to improve and maintain a vital component of Southern California's affordable housing supply," said WNC Executive Vice President and Chief Operating Officer Michael Gaber. "Sonoma Court Apartments was originally constructed in 1978 and last renovated in 1999. This renovation modernizes and improves the community for current and future residents, while providing valuable energy efficiency upgrades and enhancements."
The renovation of Sonoma Court Apartments included the installation of a solar photovoltaic generation system, new roof, insulation, energy star appliances and energy efficient windows. The property was re-developed by Affirmed Housing Group, with NEXUS for Affordable Housing Inc. serving as the managing general partner of the project.
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives. WNC has acquired more than $6.5 billion of assets totaling in excess of 1,225 properties in 45 states, Washington D.C. and the U.S. Virgin Islands. Since 2000, WNC has been awarded four New Markets Tax Credit (NMTC) allocations, totaling $178 million, and has facilitated development of 17 low-income community projects. 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 http://www.wncinc.com