PLATTSBURGH, N.Y., Dec. 15, 2015 (GLOBE NEWSWIRE) -- WNC, a national investor in real estate and community development initiatives, announced today the completion of Homesteads on Ampersand, a newly constructed 64-unit affordable housing community in the northeastern town of Plattsburgh, New York. WNC provided approximately $7.1 million in low-income housing tax credit (LIHTC) equity to fund the new development.
“WNC is delighted to announce the completion of Homesteads on Ampersand, a high quality affordable housing community with modern amenities,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “Demand for affordable housing continued to outpace supply throughout the nation, and we couldn't be happier to help deliver this new community to the residents of Upstate New York.”
Located at 292 Rugar St., Homesteads on Ampersand is an eco-friendly community that includes four two-story buildings comprised of 24 one-bedroom, 20 two-bedroom, and 20 three-bedroom units, as well as a community building. The project was developed by Regan Development Corporation over the course of approximately one year.
“We are proud to be a partner in Homesteads on Ampersand,” said Larry Regan, president and CEO of Regan Development. “It has been a very positive experience working with the town and its officials to design a walkable and transit oriented development, and we look forward to a strong continuing relationship with the community and its leadership. Working in conjunction with the state of New York, the town of Plattsburgh, HCR, OMH, as well as our equity partner, WNC, we were able to develop a wonderful place to live for people in need of new and energy efficient housing.”
Homesteads on Ampersand offers residents onsite management, a laundry facility, community room, library and computer center. Additionally, services will be provided by the non-profit organization Behavioral Health Services North Inc., an organization funded by the New York Office of Mental Health, to 25 units occupied by residents with mental health issues. In-unit amenities include Energy Star appliances, carpet, air conditioning and storage. The property includes 73 surface parking spaces.
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 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.