HUNTINGTON PARK, Calif., April 10, 2014 (GLOBE NEWSWIRE) -- WNC, a national investor in real estate and community development initiatives, announced today the completion of the renovation of Huntington Plaza Apartments, a 184-unit low-income senior housing community in the Los Angeles suburb of Huntington Park, Calif. WNC provided $5.6 million in low-income housing tax credit (LIHTC) equity for the acquisition and rehabilitation of the project, which had a total cost of $30.2 million.
USA Properties Fund, a real estate development organization specializing in the creation of senior and family communities, rehabilitated Huntington Plaza Apartments, open to individuals 55 and older with income levels between 50 and 60 percent of the area's median household income. Located at 6330 Rugby Ave. in South Los Angeles, the property was previously known as City Housing Rugby, which also operated as a LIHTC community.
"WNC is an advocate of the preservation of low-income housing communities such as Huntington Plaza Apartments, which is located in an area where quality affordable housing is out of reach for many residents," said Will Cooper Jr., president and chief executive officer of WNC. "In partnership with USA Properties Fund and the City of Huntington Park, we were able to renovate and preserve 184 units of low-income senior housing, and equip each unit and the entire community with a number of attractive amenities."
Huntington Plaza Apartments is a four-story building comprised of one- and two-bedroom units that include an electric range, refrigerator, garbage disposal, ceiling fan, central air conditioning, patio or balcony, walk-in closets and an intercom. Community amenities include on-site management, a community room, laundry facility, security features, fitness center, garden area, controlled-access entry, picnic area, computer center and elevator. Huntington Plaza Apartments also includes an AltaMed Adult Day Health Care Center, offering a regular schedule of daily activities for seniors that encourage fitness, wellness and health education.
Huntington Plaza Apartments was renovated utilizing the 4 percent LIHTC Program, which requires that 20 percent of units are reserved for seniors earning at or below 50 percent of the area's median income, or at least 40 percent of units are reserved for seniors earning at or below 60 percent of the area's median income level. Additional project financing was provided by Citibank and the City of Huntington Park.
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives. WNC has acquired more than $6 billion of assets totaling in excess of 1,250 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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