The new development will create 196 affordable single-family residential buildings
LANCASTER, Calif., June 18, 2024 (GLOBE NEWSWIRE) — Ravello Holdings, one of California’s leading developers and builders of quality single and multi-unit homes, and WNC & Associates (WNC), a family-owned business known as both a pioneer and leader in the affordable housing industry, have closed a deal to begin construction on Maison’s Sierra, an affordable housing community comprised of 196 single-family affordable rental homes.
The development is unique in that each unit represents a single-family home rather than a multifamily development. Maison’s Sierra will offer 39 one-bedroom, 77 two-bedroom, and 78 three-bedroom single-family homes restricted to households earning 30, 50, 60, and 70 percent of area median income (AMI). In addition, there will be one designated manager’s unit.
“This area of Lancaster is experiencing high growth in employment opportunities for middle class families who will benefit tremendously from the availability of affordable housing,” said Jessica Captanis, Vice President of Originations – West at WNC.
Located at 45635 Sierra Highway, Maison’s Sierra is situated close to downtown Lancaster, including several shops, schools and amenities, including a public library and the Museum of Art and History (MOAH).
“Ravello Holdings believes that workforce housing should have a variety of options for families, and that the single-family home rental model better serves households in the Antelope Valley,” said Phil Ram, President at Ravello Holdings.
The deal was structured with federal and state Low Income Housing Tax Credits, energy credits, tax-exempts bonds, a construction loan from Merchants Bank, and permanent financing from California Housing Finance Agency and its Mixed Income Program. Construction is expected to be completed in 18 months.
About Ravello Holdings
Ravello Holdings is an experienced real estate development company focused on meeting the needs of housing demands throughout California. With more than 35 years of experience in delivering premium residential projects throughout California, the principals at Ravello Holdings (Ravello) have served a variety of markets including high-end condominiums and apartments, planned luxury home communities, beachfront and mountain retreats, affordable housing, urban revitalization, student housing, senior communities, mixed-use (residential, retail and office), and adaptive reuse.
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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