TULARE, Calif., Aug. 21, 2014 (GLOBE NEWSWIRE) -- WNC, a national investor in real estate and community development initiatives, announced today the completion of The Aspens, a 47-unit affordable housing community in the Central California town of Tulare. WNC provided $6.4 million in low-income housing tax credit (LIHTC) equity to fund the project. The property was developed by Kaweah Management Company and The Pacific Companies.
An open house celebrating the project's completion, attended by Congressman Devin Nunes, was held on August 20th.
Located at 1500 – 1673 Aspen Ave., The Aspens is comprised of two- and three-bedroom units, equipped with washer and dryer connections. On-site amenities include a swimming pool, clubhouse with community room, children's playground, picnic area, computer lab, central laundry room and on-site management. The property is available to families earning between 30 percent and 60 percent of the area's median income.
"We are pleased to deliver The Aspens, a high quality, yet affordable housing option to the families of Tulare that are most in need," said WNC Executive Vice President and Chief Operating Officer Michael Gaber. "This property offers quality accommodations with many in-house and on-site amenities, and we couldn't be happier to work with our development partners, including the Pacific Companies, the City of Tulare, the Housing Authority of Tulare County, and Rabobank to increase the nation's supply of low-income housing."
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 $6.3 billion of assets totaling in excess of 1,200 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.
Julie Leber Spotlight Marketing Communications 949.427.5172, ext. 703