Columbus, Ohio, August 18, 2023– Woda Cooper Companies, Inc. is pleased to announce recent Low-Income Housing Tax Credit awards of more than $67 million to support the financing for five new affordable housing communities in North Carolina, Michigan, Iowa, Virginia, and Illinois.
On August 11, 2023, the North Carolina Housing Finance Agency announced the allocation of $1,200,000 (for ten years) to Pender Crossing, a new 48-unit affordable multifamily community to be built in Wilson, North Carolina. The development will include three 3-story walkup buildings with 18 one-bedroom, 18 two-bedroom, and 12 three-bedroom units. Proposed onsite community amenities include a fitness center, computer room, playground, and covered pavilion with picnic tables and grills. Architect for the development is TightLines Designs based in Raleigh.
In Marquette, Michigan, Woda Cooper Companies will partner with the Keweenaw Bay Indian Community to develop Black Rock Crossing, a 50-unit general occupancy multifamily development. Michigan State Housing Development Authority allocated $1,453,400 in tax credits on August 10 to create one and two-bedroom apartments. The property is near downtown Marquette and supplies easy access to shopping, jobs, healthcare, K-12 schools, and Northern Michigan University. Design is being performed by the Grand Rapids-based team for PCI Design Group. Construction is expected to begin in April 2024.
In an exciting turn of events, also in early August, waitlisted Alley Landing was awarded $1,150,000 in LIHTCs after Iowa Finance Authority reissued returned credits allocated to another project in the 2022 round. Alley Landing will produce 40 apartments in Des Moines, Iowa. The development will include one-, two-, and three-bedroom units with eight Permanent Supportive Housing homes for Veteran households experiencing homelessness. Architect for Alley Landing is Hooker DeJong.
In June, Virginia Housing allocated $1,456,805 in tax credits to Bains Pointe, a 50-unit family development in Portsmouth, Virginia, named after Eliza Bains who was instrumental in helping slaves gain freedom via the Underground Railroad in Portsmouth. Bains Pointe, designed by PCI Design Group, will serve singles, families, and seniors that earn 30% to 80% area median income (AMI) and will include two- and three-bedroom units. Construction for the 4-story building is expected to begin in mid 2024.
Also in June, the Illinois Housing Development Authority allocated $1,487,639 in LIHTCs to Parker Glen II, a 56-unit multifamily development for general occupancy in Champaign, Illinois. The new development will expand on a 64-unit family development at the same location now under construction. Both developments, designed by Hooker DeJong, will serve residents who earn between 30% and 80% AMI. Co-developer is Housing Services Alliance.
“These five affordable housing developments will create nearly 250 new affordable homes that we know are in great demand in each of the local communities,” said David Cooper, President of Woda Cooper Companies. “We greatly appreciate the tremendous support from the five state housing agencies, excellent input from the local communities, the cooperative development and preconstruction process with our partners, and the invaluable commitment of financial support from our investors and lenders. All of these items are essential in order to make these projects possible.”
About Woda Cooper Companies, Inc.
Woda Cooper Companies, Inc. and its affiliates specialize in the development, design, construction, and management of high-quality affordable multi-family communities, senior communities, and single-family homes. The company was founded in 1990 and now has operations in 17 states and a portfolio of more than 300 communities and 15,000 units. Green building is standard with certifications including Passive House, Zero Energy Ready Homes, LEED, Enterprise Green, EarthCraft, and ENERGY STAR. Woda Cooper Companies has offices in Savannah, GA; Indianapolis, IN; Shelbyville, KY; Queenstown, MD; Mackinaw City, MI; Columbus, OH; and Norfolk, VA. Affordable Housing Finance magazine ranked Woda Cooper Companies 7th in nation among Developers and 21st among Owners in 2023.
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