WNC & Associates Closes Affordable Housing Deal in Oklahoma
Deal News | Mar 11, 2025 | Globenewswire
WNC & Associates and Belmont Development Company have announced the acquisition of three affordable housing communities in Le Flore County, Oklahoma. This strategic move involves the properties: GardenWalk of Pocola, GardenWalk of PocArk - Pocola, and GardenWalk of PocArk - Arkoma. With a focus on affordability and community wellbeing, the acquisition will use Low-Income Housing Tax Credits for renovations targeting households with incomes up to 50% and 60% of the Area Median Income (AMI). Renovations will enhance living conditions with updated modern amenities and community-centric features. WNC, since its founding in 1971, has been pivotal in the affordable housing sector, amalgamating vast assets and forming significant partnerships, while BDC's expertise lies in securing funding and development oversight for affordable housing projects. Shawn Smith of BDC emphasizes the importance of providing quality housing as a cornerstone for stability and community cohesion. The completion of renovations is anticipated by November 2025.
Sectors
- Affordable Housing Industry
- Construction and Real Estate Development
Geography
- United States – The companies involved are U.S.-based firms, and the housing projects are located in Oklahoma, reflecting a focus on the U.S. affordable housing market.
- Oklahoma – The specific location of the project is Le Flore County, Oklahoma, highlighting regional development efforts within the state.
Industry
- Affordable Housing Industry – The article discusses activities in the affordable housing sector, particularly focusing on acquisition and renovation projects financed through Low-Income Housing Tax Credits, a critical component of the affordable housing landscape.
- Construction and Real Estate Development – The acquisition and renovation of housing properties involve construction and real estate development, as the properties will undergo significant modernization and structural upgrades.
Financials
- Not specified – Details specific to the financial terms of the deal were not provided beyond the mention of Low-Income Housing Tax Credits (LIHTC) as a financing mechanism.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| WNC & Associates | Acquirer | Company | WNC & Associates is involved in the acquisition of affordable housing communities and is noted for its extensive experience in affordable housing development and preservation. |
| Belmont Development Company | Acquirer | Company | BDC focuses on affordable housing development, utilizing LIHTC and is involved in the management and execution of the renovation projects. |
| GardenWalk of Pocola | Target | Company | One of the properties acquired and to be renovated under the LIHTC program. |
| GardenWalk of PocArk - Pocola | Target | Company | A property included in the acquisition; slated for renovation and community-driven improvements. |
| GardenWalk of PocArk - Arkoma | Target | Company | Part of the acquired properties, intended for renovations to improve living conditions. |