48-unit Development Will Expand Housing Options and Support Long-term Recovery Following the 2021 Tornadoes
DAWSON SPRINGS, Ky., Oct. 29, 2025 (GLOBE NEWSWIRE) — WNC & Associates (WNC), a family-owned pioneer and leader in the affordable housing industry, together with partners SOCAYR, Inc. and Bywater Development Group, today announced the groundbreaking of Marketplace Commons, a new 48-unit affordable housing community in Dawson Springs, Ky.
Located at 59 Recovery Drive, Marketplace Commons will deliver 48 much-needed apartment homes for households earning between 30% and 80% of the Area Median Income (AMI). The $17 million development will consist of six thoughtfully designed two-story buildings, offering a mix of eight one-bedroom, 28 two-bedroom, and 12 three-bedroom residences.
Beyond its physical features, the community will serve as a cornerstone in the long-term recovery and resilience of Dawson Springs. In December 2021, devastating tornadoes tore through Western Kentucky, causing widespread destruction — including in Dawson Springs, where entire neighborhoods were leveled. Marketplace Commons is one of 11 developments, including two others co-developed by SOCAYR and Bywater Development Group and closing simultaneously with this project, that collectively received $223 million in funding to help rebuild and strengthen communities impacted by the storms across the Western Kentucky region.
“Marketplace Commons represents far more than bricks and mortar — it’s about restoring hope and stability to families who have endured so much,” said Anil Advani, Executive Vice President of Originations and Finance at WNC. “We are proud to partner with SOCAYR and Bywater Development Group to deliver high-quality, affordable homes that will not only help Dawson Springs recover, but also strengthen the community for generations to come.”
Each apartment at Marketplace Commons is thoughtfully designed to provide comfort and convenience for residents, featuring modern appliances such as an electric range, refrigerator, dishwasher, and in-unit washer and dryer. Homes also include central air conditioning, ceiling fans, and window blinds to ensure year-round comfort. Stylish flooring options — including carpet, vinyl, and composite — add durability and aesthetic appeal, while exterior storage closets provide additional space to help residents stay organized.
Residents of Marketplace Commons will also enjoy a wide range of community amenities designed to encourage connection, convenience, and an active lifestyle. The property features a clubhouse with a community kitchen, business center, library, and game room, as well as outdoor gathering spaces including a gazebo, grilling area, common patios, and a community garden. Families and pet owners alike will appreciate the playground, dog park, and ample space for picnics and neighborhood events. A fitness center, bike storage, and 83 surface parking spaces further support residents’ everyday needs, while on-site management and CCTV security cameras provide peace of mind.
In addition to 4% tax credit equity proceeds, the project will be supported through a tax-exempt construction loan provided by HOPE of the Midwest, along with a permanent loan from Cedar Rapids Bank and Trust. Marketplace Commons has also been awarded $9.3 million in Community Development Block Grant – Disaster Recovery funds, further reinforcing its role in rebuilding and strengthening the Dawson Springs community.
The project will break ground immediately and construction is expected to be completed in October 2026.
About WNC & Associates
Founded in 1971, WNC & Associates (WNC) is a family-owned business known as both a pioneer and leader in the affordable housing industry. WNC and its affiliated companies specialize in tax credit syndication, affordable housing development, and preservation equity fund investments. Combined, the WNC companies have acquired approximately $18.2 billion in assets across 48 states, including more than 1,800 affordable rental properties that house more than 1 million residents. With offices in 16 states, WNC has partnered with more than 400 developers and 125 institutional investors. To learn more, visit: https://www.wncinc.com/.
MEDIA CONTACT
IDEA HALL
Andy Vernier
Andy@ideahall.com
