Lincoln Avenue Communities Closes Financing for New Affordable Development
Lincoln Avenue Communities (LAC) has secured financing to kickstart a new affordable housing initiative, which promises to deliver 271 homes for families who qualify for lower-income brackets. This ground-up construction project represents a significant contribution to meeting the demand for affordable housing in the area.
The Ranches at Gunsmoke: A New Haven for Families
The development, named The Ranches at Gunsmoke, marks a transformative step in LAC's efforts to combat housing shortages. Designed in collaboration with WNC & Associates, this project will offer a diverse range of housing options, including two- and three-bedroom duplexes and standalone residences. Each unit is designed with family comfort in mind, featuring essential amenities such as private backyards, walk-in closets, and inviting patio spaces.
Amenities Tailored for Family Living
More than just living spaces, The Ranches at Gunsmoke will also provide a comprehensive suite of community amenities aimed at enhancing residents’ lifestyles. Families will have access to facilities such as a fitness center, inviting pools, grilling spots for social gatherings, and a clubhouse for community events. Additionally, the installation of a solar carport system is planned to contribute significantly to the community's energy efficiency.
A Commitment to Affordability
CEO Jeremy Bronfman expressed enthusiasm about partnering with WNC, emphasizing that this is LAC's third venture into central California. With this new endeavor, LAC aims to further its mission—now exceeding 800 affordable housing units across various projects. The design of The Ranches at Gunsmoke emphasizes affordability without compromising quality, a core value of LAC's operations.
Investment and Community Growth
The financing blueprint for this ambitious project includes substantial contributions from Citibank through back-to-back construction and permanent loans, alongside $65 million in tax-exempt bonds. Furthermore, the Low-Income Housing Tax Credits (LIHTC) have played a pivotal role, facilitating $49 million towards solar initiatives and community development.
About Lincoln Avenue Communities
Lincoln Avenue Communities (LAC) has become one of the leading figures in affordable housing development, holding a mission that aligns with the needs of lower and moderate-income individuals, seniors, and families across nationwide projects. Being a subsidiary of Lincoln Avenue Capital, LAC operates in 28 states with a portfolio extensive enough to support 27,000+ housing units.
About WNC & Associates
Founded in the early 1970s, WNC & Associates has positioned itself as a trusted ally in affordable housing development. With a focus on innovation in housing finance, WNC has been instrumental in ensuring the availability of affordable options through strategic partnerships with numerous developers and institutional entities. Together, they have managed assets that reflect over $18.2 billion worth of real estate designed for the benefit of communities.
Frequently Asked Questions
What is the main goal of The Ranches at Gunsmoke?
The main goal is to provide 271 affordable homes for families earning no more than 60% of the Area Median Income.
Who are the partners involved in this development?
The development is in partnership with WNC & Associates, a known leader in the affordable housing sector.
What amenities will be available at The Ranches at Gunsmoke?
The community will include a fitness center, a pool, grilling areas, and rental storage units.
When is the anticipated completion date for this project?
The project is projected to be completed in 2026.
How does Lincoln Avenue Communities contribute to affordable housing?
LAC is committed to building affordable and sustainable homes, ensuring accessible living conditions for lower- and moderate-income families.
