Lincoln Avenue Communities Closes Financing for New Affordable Housing Development in Maricopa, Arizona

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Nov 01, 2024, 14:53 ET

The mission-driven affordable housing company's new ground-up construction project will create 271 affordable homes for families in Pinal County.

MARICOPA, Ariz., Nov. 1, 2024 /PRNewswire/ -- Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, today announced that it has closed financing for the construction of The Ranches at Gunsmoke, a ground-up development in partnership with WNC & Associates (WNC) that will create 271 new affordable homes for families in Maricopa earning no more than 60% of the Area Median Income.

"We're thrilled to collaborate with WNC on our third ground-up development in central Arizona," said LAC CEO Jeremy Bronfman. "LAC is proud to now have over 800 units of high-quality affordable housing for individuals and families under construction in Pinal County."

The Ranches at Gunsmoke is LAC's first Build-to-Rent (BTR) development and will feature a mix of two- and three-bedroom duplexes and standalone homes, each with a patio space, walk-in closets, and a private fenced backyard. The community will offer amenities including a fitness center, pool, grilling areas, a clubhouse, and rental storage units. Additionally, a solar carport system will be installed to offset approximately 50% of the community's electricity usage. The project is expected to be completed in 2026.

"This project is a stellar example of new, affordable housing designed specifically for families, with plentiful amenities. WNC welcomes the drive, thoughtfulness and Innovation of LAC's long-term approach to meeting the housing needs of the community," said Darrick Metz, Senior Vice President of Originations at WNC. "WNC is providing 40% of the project's financing, and we are proud of our part in helping the Maricopa community grow."

The project's financing package includes back-to-back construction and permanent loans from Citibank, $65 million in tax-exempt bonds issued by the Arizona Development Authority, and $49 million in Low-Income Housing Tax Credits (LIHTC) and solar equity from WNC.

About LAC: Lincoln Avenue Communities (LAC) is one of the nation's fastest-growing developers, investors, and operators of affordable and workforce housing, providing high-quality. sustainable homes for lower- and moderate-income individuals, seniors, and families nationwide. A subsidiary of Lincoln Avenue Capital, LAC is a mission-driven organization with a presence in 28 states and a portfolio of 155+ properties comprising 27,000+ units.

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.

SOURCE Lincoln Avenue Communities