SAN FRANCISCO, July 07, 2016 (GLOBE NEWSWIRE) — WNC, a national investor in real estate and community development initiatives, announced today the completion of Kimme’s Place, a new affordable housing community with a combination of 66 reconstructed and new units in the Bay Area suburb of Vacaville, Calif. WNC provided approximately $3.4 million in low-income housing tax credit (LIHTC) equity to fund the development.
Kimme’s Place consists of 26 one-bedroom and 40 two-bedroom garden-style units for families. Located at 1437 Callan St., amenities include onsite management, a laundry facility, fitness center, classroom/computer room and picnic area. Each unit is equipped with central heating and air conditioning, energy efficient appliances, inset LED lighting and granite countertops.
Kimme’s Place was co-developed by CFY Development Inc. and The EGIS Group Inc. With a total cost of $15 million, the development took approximately one year to complete. Bruce Keith served as the project’s architect. Additional funding was provided by the City of Vacaville, Boston Capital and JP Morgan Chase.
“WNC has long-term relationships with CFY Development and EGIS that have spanned more than 25 years and 10 years, respectively,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “Our firm is very proud to have partnered with them once more to preserve and upgrade 66 units of affordable housing that may otherwise be out of reach for families in need.”
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives, as well as a leading investor in low-income housing tax credits (LIHTC). WNC has acquired more than $7.6 billion of assets totaling in excess of 1,290 properties in 45 states, Washington D.C., and the U.S. Virgin Islands. Since 2000, WNC has been awarded four New Markets Tax Credit (NMTC) allocations, totaling $178 million, and has facilitated development of 17 low-income community projects. WNC’s investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies. Additional information is available at www.wncinc.com.
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