ANCHORAGE, Alaska, Dec. 18, 2017 /PRNewswire/ -- WNC, a national investor in real estate and community development initiatives, announced today that construction of Muldoon Garden, a 23-unit affordable housing community designed for families earning 60 percent of the area's median household income level, is complete. WNC provided approximately $2.6 million in low-income housing tax credit (LIHTC) equity to assist in funding the development.
"Muldoon Garden offers residents a quality, affordable multi-housing option far below the current market rate in Anchorage," says WNC Executive Vice President and Chief Operating Officer Michael Gaber. "With the supply of affordable housing dwindling in comparison to demand throughout the nation, it is important to continue to deliver communities like Muldoon Garden to increase the nation's affordable housing availability, and to accommodate local families in need."
Situated on 1.91 acres of land, the multifamily development is located at 207 Muldoon Road. Muldoon Garden's 23 units consist of 17 one-bedroom units and six two-bedroom units. Amenities include onsite management, a laundry facility, community room, playground, security gate, controlled access, elevator, walking path, surveillance and a rain garden.
Rural Alaska Community Action Program, Inc., an Alaska-based nonprofit organization that works to improve the quality of life for low-income residents, served as the developer for the project. Sarah Scanlan, deputy director of the nonprofit organization, directed the project.
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.
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