PHOENIX, Ore., March 26, 2024 (GLOBE NEWSWIRE) -- Commonwealth Development Corporation, one of the nation’s largest, majority woman-owned, affordable housing development companies, and WNC & Associates, a family-owned business known as both a pioneer and leader in the affordable housing industry, have closed a deal to begin construction of Pacific Flats, an all-new affordable housing community in Phoenix, Ore. The property will include five three-story residential buildings comprised of 72 family LIHTC units. Pacific Flats is scheduled for completion in June 2025.
The property will include 72 units across five three-story buildings, and a separate clubhouse building with amenities including a fitness center, business center, and community room. Energy-efficient building design features will include high-efficiency windows and ENERGY STAR rated appliances and building mechanical equipment. Eight units will be reserved for families at 30% of area median income (AMI), 20 units at 50% AMI, and 44 units at 60% AMI.
“Commonwealth is delighted to collaborate with our esteemed partners, WNC, to provide further housing support to the southern Oregon region impacted by the Almeda wildfire,” said Dan Kroetz, Senior Vice President of Development at Commonwealth Development Corporation. “This is our second project in Oregon that is dedicated to this effort, and we look forward to seeing the positive impact these new homes will bring to the community.”
Pacific Flats will play a key role in providing affordable housing units in a community with an acute need as it continues to recover from the damage caused by the Almeda Fire in 2020. The Almeda Fire destroyed more than 2,800 structures in Phoenix and the southern adjacent neighboring cities of Talent and Ashland, Ore. An estimated 2,500 homes were lost, displacing residents into a limited number of available temporary housing units (i.e., RV units, manufactured homes, or transitional housing units) or outside the region.
“Demand for rental units within this market remains significant, as all LIHTC properties in the region are fully occupied with waiting lists ranging from 3 months to over 5 years,” said Darrick Metz, Senior Vice President of Originations at WNC. “This statistic, combined with the destruction of homes from the Almeda Fire, highlights the need for more affordable housing options in the region. We are proud to support the development of Pacific Flats to start to address this need.”
Pacific Flats residents will have access to ongoing supportive services, including educational classes and help with access coordination to other non-profit agencies. These services will be provided by ACCESS, a local community action organization.
In an additional effort to ensure that the project serves the local population authentically, Commonwealth Development Corporation has partnered with Native of One Wind Indigenous Alliance Unete (“NOWIA Unete”), a local organization focused on serving the needs of local indigenous and immigrant farmers, to develop Pacific Flats.
WNC’s total investment is approximately $25.1M. The deal was structured with 4% LIHTC Equity, a construction and perm loan through Legacy Bank, a $13.5M soft loan using LIFT funds, and a $170K soft loan using OHCS MEP funds.
About Commonwealth Development Corporation
Since its founding in 2001, Commonwealth’s core focus has been to improve lives and enhance communities by developing, designing, and constructing high-quality housing that is affordable. Commonwealth is one of the nation’s largest, majority woman-owned, affordable housing development companies, being cited as a top 20 national producer of affordable housing the past five years (Affordable Housing Finance), and named the 2020 Best Affordable Housing Developer – USA (BUILD Magazine). Visit www.commonwealthco.net for more information.
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. To learn more, visit: https://www.wncinc.com/.
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