Melanie Wenk
Affordable housing investment, asset management and development services firm WNC has named Melanie Wenk as its new EVP. Affordable housing demand continues to increase nationally, and in her new position, Wenk plans to work closely with developers to create successful affordable housing projects.
“With the never-ending changes in our industry, it can be very beneficial for a group to have a new set of eyes evaluating the day-to-day operations,” Wenk, who has worked with the firm since 2003, tells GlobeSt.com. “My goal is continue to foster and nurture relationships we have with our development partners, who play a tremendous role in the success of LIHTC projects. Creating stronger relationships with our developers is a key to success.”
Wenk has seen affordable housing issues move into mainstream attention, and as the homeless population in Southern California continues to rise, she expects that affordable housing will continue to see strong capital demand. “We are seeing the investors' appetite for the product continue and we are starting to see new investors entering the market place year after year,” she says. “With the homelessness crisis continuing to grow and being spotlighted in the media, I believe this is a situation where more exposure to the public on the housing crisis is better for our industry. In order for real change to happen the public needs to embrace and encourage change. Allowing for more affordable housing is one step to the solution that this country is facing in regards to homelessness.”
Wenk formerly severed as chief financial officers at the firm, and will spearhead underwriting, accounting, dispositions and human resources groups in her new role. “I am most excited about digging into the transaction work that is being done by WNC's underwriting team and contributing my thoughts to help our team grow,” says Wenk. “The current underwriting team is extremely strong and well experienced, and I look forward to helping them flourish even more. I have always taken a personal interest in mentoring the younger staff and helping them develop a career plan. I believe that passion will help me in this new role.”
Looking ahead, Wenk expects demand to build off of the tremendous activity in 2018, which was one of the firm's best equity years. The strong start to the year is already confirming her expectations for activity. “So far, this year is looking to be extremely active for affordable housing,” she says. “We had one of our best years of equity raise in 2018, which gave us great momentum for this year. Pricing is extremely competitive, and we expect it to continue in that same direction. We will continue to see the demand for affordable housing grow this year and in future years.”
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Kelsi Maree Borland
