Lincoln Avenue Communities Secures Financing for New Development
The mission-driven affordable housing company is set to embark on an exciting new project that will create 271 affordable homes for families. This significant initiative is focused on ensuring quality housing for those earning less than 60% of the Area Median Income.
The Ranches at Gunsmoke: A New Chapter in Affordable Housing
Lincoln Avenue Communities (LAC) is proud to announce the closing of financing for The Ranches at Gunsmoke. This development, in collaboration with WNC & Associates, represents LAC's commitment to providing sustainable living options for families. With over 800 affordable units currently under construction, LAC is enhancing its footprint in the affordable housing market.
Innovative Developments for Families
This development will feature a variety of two- and three-bedroom duplexes and standalone homes, each equipped with modern amenities. Residents will enjoy spacious patios, walk-in closets, and private fenced backyards, ensuring a comfortable and inviting living environment.
Community Amenities to Foster Connectivity
The Ranches at Gunsmoke aims to create a welcoming community, providing residents with access to amenities such as a fitness center, a refreshing pool, grilling areas for family gatherings, a clubhouse for community events, and rental storage units for added convenience.
Eco-Friendly Features and Long-term Vision
As part of its commitment to sustainability, the project will include a solar carport system designed to offset about 50% of the entire community's electricity usage, aligning with modern energy efficiency goals.
Investment and Financing Details
The financing for this ambitious project includes back-to-back construction and permanent loans sourced from Citibank, alongside $65 million in tax-exempt bonds from the Arizona Development Authority. Additionally, LAC will benefit from $49 million in Low-Income Housing Tax Credits (LIHTC) and solar equity provided by WNC.
Commitment to Community Growth
LAC's endeavors in Arizona underscore a commitment not only to housing but to holistic community development. Jeremy Bronfman, CEO of LAC, expressed enthusiasm about the collaboration with WNC, highlighting the importance of thoughtful planning in addressing the housing needs of local families.
About Lincoln Avenue Communities
As one of the most rapidly expanding developers and operators of affordable housing in the nation, Lincoln Avenue Communities is dedicated to sustainability and high-quality living standards. With a presence in 28 states and over 155 properties, LAC is paving the way for affordable housing solutions for families and individuals nationwide.
About WNC & Associates
WNC & Associates has built a respected reputation since 1971, specializing in tax credit syndication and affordable housing development. Having gathered approximately $18.2 billion in assets, WNC remains a crucial partner in the affordable housing landscape.
Frequently Asked Questions
What is The Ranches at Gunsmoke?
The Ranches at Gunsmoke is a new affordable housing development by Lincoln Avenue Communities that will offer 271 homes for families.
Who is financing The Ranches at Gunsmoke?
The project is financed through loans from Citibank, tax-exempt bonds, and Low-Income Housing Tax Credits from WNC.
What are the community features of the new development?
The development will include amenities such as a fitness center, pool, clubhouse, and a solar carport system to promote sustainability.
Is The Ranches at Gunsmoke eco-friendly?
Yes, the project incorporates a solar carport system designed to significantly reduce electricity consumption for residents.
What is Lincoln Avenue Communities' mission?
Lincoln Avenue Communities aims to develop high-quality, sustainable housing options for lower- and moderate-income individuals and families across the country.
