HONOLULU, Dec. 11, 2014 (GLOBE NEWSWIRE) -- WNC, a national investor in real estate and community development initiatives, announced today that a new 160-unit affordable senior housing building, Senior Residence at Iwilei, has opened to residents in Honolulu. WNC provided $24 million in low-income housing tax credit (LIHTC) equity to fund construction of the community, where a dedication ceremony attended by Hawaii Governor David Ige was held Dec. 9.
Senior Residence at Iwilei is a 15-story, elevator-serviced building consisting of a mix of one- and two-bedrooms units. Located at 888 Iwilei Road, the property includes sky-walk access to the parking garage, on-site management, a laundry facility, community room, secured entry and an adult day care center. In addition, organized group activities, various social and health services, financial management and budgeting are offered at the property. An approximate 12,500-square-foot office space, reserved for non-profit organizations, is located on the second floor of the building.
The community is available to residents aged 62 years and older who earn between 50 percent and 60 percent of the area's medium income level. Each unit includes a balcony or patio, carpeting, blinds, refrigerator, range, garbage disposal and intercom entry.
"We couldn't be more pleased to help deliver this wonderful new property to Honolulu's senior residents in need," said WNC Executive Vice President and Chief Operating Officer Michael Gaber. "This community provides safe, comfortable and affordable homes replete with amenities of particular value to seniors."
Senior Residence at Iwilei was developed by Pacific Housing Assistance Corporation. The building also received financing from the Hawaii Housing Finance and Development Corporation and the City of Honolulu.
About WNC
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 $6.5 billion of assets totaling in excess of 1,225 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.