PORTLAND, ME - WNC, a national investor in real estate and community development initiatives, announced that new construction of St. Ignatius, a 66-unit senior housing community in Sanford, Maine, is complete. WNC provided approximately $8.6 million in low-income housing tax credit (LIHTC) equity to help fund the project.
"This was a unique project that included renovating the existing church building, and combining it with new construction to produce the St. Ignatius senior housing community," said WNC Executive Vice President and Chief Operating Officer Michael Gaber. "The completion of St. Ignatius will assist in meeting the current need for senior housing in the area, and will also aid in the revitalization of the City of Sanford. The site will continue to hold significant value to the local community by providing quality affordable housing to its senior citizens."
St. Ignatius will offer a below market price housing option for residents ages 55 years and older who earn 50 percent and 60 percent of the area's median income.
Located at 6 St. Ignatius Street, the community is comprised of 65 one-bedroom units and one studio unit. Amenities include onsite management, a community room, elevator, centralized laundry room, social services, gazebo and controlled entry.
DBH Management II Inc., a Portland, Maine-based nonprofit, received financing for the construction. David Twomey, Chief Financial Officer and Chief Operating Officer of the Roman Catholic Diocese of Portland, served as the developer for the project.
WNC 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.