ANAHEIM, Calif. — WNC and its subsidiary Community Preservation Partners (CPP), along with nonprofit Jamboree Housing Corp., have completed the $6.56 million (or $36,635 per unit) renovation of Miracle Terrace Apartments in Anaheim.
WNC provided approximately $17 million in low-income housing tax credit (LIHTC) equity to help fund the acquisition of and renovations to the 179-unit, age-restricted, affordable community.
"Rehabilitating Miracle Terrace Apartments is crucial in a market like Orange County, where demand for multifamily product consistently outpaces the development of new stock and where affordable properties are increasing being renovated for higher income renters," says Michael Gaber, chief operating officer of WNC.
The community features 71 studio units, 107 one-bedroom units, and a single two-bedroom unit for the onsite manager. The community is open to seniors ages 62 and older with household incomes between 35 percent and 60 percent of the area's median income level.
"More than 200 low-income senior citizens living at Miracle Terrace were at risk of losing their homes if the HUD subsidies expired,” says Anand Kannan, CPP President. “However, the renovation and subsequent negotiations with the Anaheim Housing Authority has protected their home, whilst providing a better place to live."
CPP is an affordable housing rehabilitation company that owns more than 5,000 units across the United States.