The new development will create 54 affordable housing units for seniors at 40% and 60% of area median income (AMI)
LEXINGTON, N.C., July 23, 2024 (GLOBE NEWSWIRE) — BTR Communities Group, LLC, a North Carolina-based developer and owner of affordable housing, and WNC & Associates (WNC), a family-owned business known as both a pioneer and leader in the affordable housing industry, have begun construction on East Center Village, an all-new 3-story affordable housing development in central North Carolina. East Center Village is scheduled for completion in August 2025, with an anticipated $12.4M total development cost.
The development will create 54 affordable apartment units targeting seniors aged 55+. Layouts include 34 one-bedroom units and 20 two-bedroom units. Fourteen units are set for residents earning 40% AMI and 40 units are set at 60% AMI. The complex will be ENERGY STAR Multifamily New Construction Program certified, with ENERGY STAR-rated appliances and exhaust fans.
Located at 520 East Center Street, East Center Village will be located half a mile from downtown Lexington, a town of 20,000 and the county seat of Davidson County. The site has convenient access to major highways and public transportation with a bus stop adjacent to the site and also within walking distance of a grocery store and pharmacy. The site also has a Walk Score of 61, indicating that some errands can be accomplished on foot by active/mobile residents.
East Center Village will be the first age-restricted tax credit development in the Lexington market, which will be a significant value to the broader Lexington community, particularly for a population that may be living off a fixed income. The term of affordability is 30 years.
“As the first development of its kind in the community, WNC will leave a lasting impact on the community for years to come by offering a safe and affordable home for older Lexington residents,” said Ryan Thayer, Assistant Vice President – Originations at WNC.
Ten percent of units (6 units) will be set aside for disabled or homeless individuals as a part of the Key Rental Assistance (Key) program. Key is a partnership between the North Carolina Housing Finance Agency (NCHFA) and the North Carolina Department of Health and Human Services (DHHS) to provide rental assistance for low-income people with disabilities, including those experiencing homelessness. Individuals are referred to Key from the Department of Health and Human Services and receive services through the agency.
“WNC is pleased to participate in the Key Rental Assistance program to provide housing for individuals in need,” said Anil Advani, Executive Vice President, Originations and Finance at WNC. “We are excited to expand into the North Carolina market and fulfill a need to increase the affordable housing supply.”
This transaction was structured with an allocation of 9% LIHTC credits, a construction loan from Merchants Bank of Indiana, and a Freddie Mac permanent loan, serviced by Merchants Capital Corporation.
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/.
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