Transformation of Former St. Ignatius Church into 66-Unit Affordable Senior Housing Community Near Portland, Maine Complete

PORTLAND, Maine, Nov. 20, 2017 /PRNewswire/ -- WNC, a national investor in real estate and community development initiatives, announced today that new construction of St. Ignatius, a 66-unit senior housing community in Sanford, Maine, is complete. WNC provided approximately $8.6 million in low-income housing tax credit (LIHTC) equity to help fund the project.

"This was a unique project that included renovating the existing church building, and combining it with new construction to produce the St. Ignatius senior housing community," said WNC Executive Vice President and Chief Operating Officer Michael Gaber. "The completion of St. Ignatius will assist in meeting the current need for senior housing in the area, and will also aid in the revitalization of the City of Sanford. The site will continue to hold significant value to the local community by providing quality affordable housing to its senior citizens."

St. Ignatius will offer a below market price housing option for residents ages 55 years and older who earn 50 percent and 60 percent of the area's median income.

Located at 6 St. Ignatius Street, the community is comprised of 65 one-bedroom units and one studio unit. Amenities include onsite management, a community room, elevator, centralized laundry room, social services, gazebo and controlled entry.

DBH Management II Inc., a Portland, Maine-based nonprofit, received financing for the construction. David Twomey, Chief Financial Officer and Chief Operating Officer of the Roman Catholic Diocese of Portland, served as the developer for the project.

About WNC

WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives, as well as a leading investor in low-income housing tax credits (LIHTC). WNC has acquired more than $7.7 billion of assets totaling in excess of 1,300 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.

Contact
Julie Leber
Spotlight Marketing Communications
949.427.5172 ext. 703
[email protected]

SOURCE WNC

Related Links

http://www.wncinc.com