WNC Provided $3.3M in LIHTC Equity to Fund Renovations at Regal Ridge Apartments and Wisteria Apartments
TUPELO, MS WNC announces the completion of renovations to Regal Ridge Apartments, which offers 24 units of affordable housing, and Wisteria Apartments, offering 30 units of affordable housing in the Tupelo, Mississippi, a suburb of Plantersville, Mississippi. WNC provided approximately $3.3 million in low-income housing tax credit (LIHTC) equity to fund the renovation projects.
"We are excited to help provide a much needed upgrade to the affordable housing offered to local families of Plantersville," said WNC Executive Vice President and Chief Operating Officer Michael Gaber. "The rehabilitation of Regal Ridge Apartments and Wisteria Apartments will help to sustain and elevate the local rental housing supply."
Regal Ridge Apartments is comprised of 24 residential units divided between six buildings. Each of the two-bedroom units is equipped with a range, refrigerator, central air conditioning, ceiling fans, window blinds, and ample storage space. Community amenities include onsite property management, laundry facilities, a computer center, gazebo and playground.
Wisteria Apartments is a 30-unit affordable housing community for low-income families. The property consists of 10, one-bedroom units, and 20, two-bedroom units divided amongst five, one- and two-story residential buildings. Unit amenities include an electric range, refrigerator, storage, central air conditioning, ceiling fan and window blinds.
Regal Ridge Apartments and Wisteria Apartments were re-developed by CMS MS Communities, LLC, which served as the managing general partner of the project, while Barron Lane, LLC served as a co-developer. Herbert J. Peterson, from CMS Real Estate Development, and Chase Dudley, from Barron Lane were the Project Developers. CMS Real Estate Development received the LIHTC financing to help fund the renovations.