New development will expand affordable housing options for seniors ages 55+ amid growing regional demand
Jefferson School Lofts
OSKALOOSA, Iowa, Feb. 12, 2026 (GLOBE NEWSWIRE) — WNC & Associates (WNC), a family-owned business known as both a pioneer and leader in the affordable housing, in partnership with North Arrow Development, have begun construction on Jefferson School Lofts, a 42-unit affordable housing community for ages 55 and older in Oskaloosa, Iowa.
Located at 613 South B Street, less than a half mile south of downtown Oskaloosa, Jefferson School Lofts will provide new affordable housing options through the Low-Income Housing Tax Credit (LIHTC) program, serving senior households earning up to 40% and 60% of the Area Median Income (AMI).
The $12.9 million community will involve the adaptive reuse of a former school building that originally opened in 1914, paired with a new construction addition. Once complete, Jefferson School Lofts will include 37 one-bedroom units and five two-bedroom units, thoughtfully designed to support independent living for older adults.
“Jefferson School Lofts represents an important investment in Oskaloosa, where the demand for senior housing continues to grow,” said Anil Advani, Executive Vice President of Originations and Finance at WNC & Associates. “This development allows older adults to remain connected to the community they know, while providing modern, affordable homes designed to support long-term stability and independence.”
With limited affordable rental options and a growing population of older adults in Oskaloosa and the surrounding area, demand for senior housing has remained consistently high. Many existing rental units in the market are aging, and comparable affordable communities are operating at or near full occupancy, underscoring the need for new, modern housing options that allow seniors to remain in the community as they age.
Jefferson School Lofts is designed to offer a modern, accessible living environment that supports long-term stability and quality of life for older residents. The site offers convenient access to grocery stores, restaurants, retail, healthcare services, and public transportation, strengthening its appeal and positioning the community as a long-term housing resource for seniors in Oskaloosa.
Jefferson School Lofts will be financed through a combination of funding sources, including $11.3 million in Low-Income Housing Tax Credit Equity from WNC & Associates, Inc., a $9.7 million construction loan from Bankers Trust, a $1.4 million long-term permanent loan from Bankers Trust, and additional financing contributions from the Iowa Finance Authority, City of Oskaloosa, and George Daily Trust.
Construction is expected to be completed in December 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
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