LONG BEACH, CA-National investor in real estate and community development initiatives WNC has provided $7 million in low-income housing tax credit equity for Ramona Park Senior Apartments, a $22.5-million project that has broken ground. The project is being developed by Palm Communities, which has partnered with nonprofit Western Community Housing to construct the community, and is expected to be completed in April 2014..
Located at 3290 E. Artesia Blvd., the complex will be composed of a mix of one- and two-bedroom units. Planned property amenities include a central courtyard, pool, spa, fire pit, picnic area, fitness center, community rooms, classroom and recreation rooms. The development will serve citizens aged 55 and older with incomes up to 60% of the area's median income.
According to Will Cooper, Jr., president and CEO of WNC, “The groundbreaking of this new community represents another successful application of LIHTC funding to support desperately needed quality affordable housing in Long Beach and throughout the country. As one of the most active providers of LIHTC equity, WNC is proud to bring together the private and public sectors to help relieve the housing needs of Long Beach's senior community through the development of Ramona Park Senior Apartments.”
Dan Horn, CEO of Palm Communities, added in a prepared statement that the project “has been financed at a time when funding for affordable housing has greatly diminished. We are very pleased to see the project come to fruition and look forward to providing many local seniors in need with a safe and peaceful place to call home.”
As GlobeSt.com reported in December 2012, WNC has closed WNC Institutional Fund 37, a $124.5-million federal low-income housing tax credit fund. In addition, the firm has closed Hawaii Tax Credits 36-3, a Hawaii state tax credit fund, at slightly more than $4.7 million. The combined funds include a total of 10 investors, three of which are new to WNC, represented by an equal number of banks and insurance companies.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
