Commonwealth Court will provide modern, amenity-rich homes for families earning up to 60% of the area median income
Commonwealth Court
MAYFIELD, Ky., Oct. 23, 2025 (GLOBE NEWSWIRE) — WNC & Associates (WNC), a family-owned business known as both a pioneer and leader in the affordable housing industry, in partnership with SOCAYR, Inc. and Bywater Development Group have begun construction on Commonwealth Court, a $21 million, 66-unit affordable housing community in Mayfield, Ky.
Located at 975 South Commonwealth Drive, the development consists of three three-story buildings with 18 one-bedroom, 30 two-bedroom, and 18 three-bedroom garden-style apartments, all reserved for households earning up to 60% of the area median income (AMI).
Commonwealth Court will serve as a cornerstone in the long-term recovery and resilience of the Mayfield community. In December 2021, two devastating tornadoes swept through Western Kentucky, leaving widespread destruction in their path, including in Mayfield where more than 1,700 housing units were destroyed. Reconstruction efforts have been slow, forcing many families to rely on friends, relatives, or local non-profits for temporary shelter. This prolonged housing shortage has created significant pent-up demand for affordable housing, underscoring the critical need for developments like Commonwealth Court.
Commonwealth Court is one of 11 developments — and one of three co-developed by SOCAYR, Inc. and Bywater Development Group, all closing simultaneously — that together secured $223 million in funding to help rebuild communities in Western Kentucky impacted by the storms.
“Commonwealth Court represents our ongoing commitment to creating high-quality, affordable housing in communities where it’s needed most,” said Anil Advani, Executive Vice President of Originations and Finance at WNC. “With demand for affordable housing at an all-time high in Mayfield, this development will provide 66 families with safe, modern homes and access to amenities that foster comfort, connection, and opportunity.”
Each apartment at Commonwealth Court is thoughtfully appointed with modern features, including an electric range, refrigerator, microwave, dishwasher, and in-unit washer and dryer. Residences also offer central air conditioning, ceiling fans, carpet and composite flooring, and window blinds for comfort and convenience. Additional highlights include walk-in closets, private patios or balconies, and controlled access with key fob entry, ensuring both style and security for residents.
The community offers an array of on-site amenities designed to enhance residents’ lifestyles, including a playground, dog park with pet care facilities, community kitchen, multipurpose room, and common patio or porch areas. Residents can enjoy common area Wi-Fi, a grilling area, and convenient bike racks and storage. The property also features a 132-space surface parking lot, electric vehicle charging stations, and controlled security with CCTV cameras. On-site management ensures responsive service, making the community a welcoming and well-maintained place to call home.
In addition to 4% tax credit equity proceeds, the project is being financed through a combination of tax-exempt and taxable tail construction loans provided by HOPE of the Midwest, along with a permanent loan from Cedar Rapids Bank and Trust. The development has also been awarded $6.8 million in Community Development Block Grant – Disaster Recovery (CDBG-DR) funds, further supporting its role in the region’s recovery.
The project will break ground immediately and construction is expected to be completed in February 2027.
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
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0108ae0c-eaec-448d-bd06-84eb1eac5434
