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Walker & Dunlop Announces Financing for New Affordable Housing in Sonoma County
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Rhea-AI Summary
Walker & Dunlop, Inc. (NYSE: WD) announced a $40 million investment in the Shiloh Crossing project, constructing 171 Low Income Housing Tax Credit (LIHTC) units in Windsor, Sonoma County, CA. The project aims to provide affordable housing for families earning between 30% and 70% of the area median income (AMI). The development will include two buildings: a five-story North Building with 130 units and a four-story South Building with 43 units. The project is expected to generate $40 million in federal LIHTC, $5.5 million in state tax credits, and $300,000 in energy credits, addressing the ongoing housing crisis in the region.
Positive
$40 million investment for Shiloh Crossing project.
Construction of 171 LIHTC units for low-income families.
Strong partnership with Alliant Capital, CBH, and ICD.
$40 million in federal LIHTC and additional tax credits will enhance funding.
Improved marketability due to location and accessibility.
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None.
BETHESDA, Md.--(BUSINESS WIRE)--
Alliant Capital, a Walker & Dunlop, Inc. company, announced today its $40 million investment for Shiloh Crossing, a new construction of 171 Low Income Housing Tax Credit (LIHTC) units in Windsor, Sonoma County, CA.
Shiloh Crossing Construction (Photo: Business Wire)
The team, including Dudley Benoit, senior vice president and chief production officer, and Jennifer Erixon, managing director, led Alliant’s LIHTC syndication of the tax credits to the project's development and ownership team, Integrated Community Development ("ICD") and Corporation for Better Housing ("CBH"), a California nonprofit corporation. Together, the teams will build housing for families with incomes up to 30% to 70% of the area median income ("AMI").
"Working closely with CBH and Alliant Capital enables us to deliver on our vision and belief that our work creates communities that uplift people's lives," said Jake Lingo, senior vice president at ICD. "Shiloh Crossing embraces the concepts of transit accessibility, pedestrian-friendly design, inclusiveness, and sustainability to create a vibrant development that will help to alleviate the housing shortage in Windsor. Having a strong syndicator in today's volatile market is paramount, and we are thankful for the relationship we have forged with Alliant Capital."
"Alliant has been key in closing this property," said Lori Koester, executive director at CBH. "Alliant has partnered with CBH to build 59 properties totaling over 3,730 units, and this one is no different. We are glad to continue to make a difference in affordable housing with Alliant by our side."
Alliant, ICD, and CBH recently worked on a similar project in Sonoma County, a new construction consisting of 101 LIHTC units generating $26 million of federal LIHTC equity called Baumgardner Terrace.
"Alliant is pleased to work with CBH yet again on another much-needed affordable property," said Jennifer Erixon. "Shiloh Crossing will generate $40 million in Federal LIHTC, $5.5 million in California state tax credits, and over $300,000 in energy credits. The state and federal LIHTC programs are essential tools to address the growing housing crisis throughout the country."
Shiloh Crossing is a new construction project consisting of two buildings. The five-story "U"-shaped North Building will have 130 units, and the four-story mixed-use South Building will have 43 units with two large commercial spaces, administrative offices, and community space. Located in a mixed-use neighborhood in northeast Windsor, Shiloh Crossing is in a good location for multifamily use, and its proximity to schools, employment, public transportation, retail, and other area services is expected to have a positive impact on its marketability.
Alliant Capital, a Walker & Dunlop company, is the nation's sixth largest LIHTC syndicator. Today, Alliant Capital's portfolio exceeds $14 billion in assets under management and has provided housing for over 400,000 low-income families, seniors, and veterans. Combined with Walker & Dunlop's affordable housing financing solutions, the partnership is a market-leading affordable housing platform that addresses the financing, sale, and preservation of affordable housing nationwide. To learn more about our capabilities and financing options, visit our website.
