NAHT and Volunteers of America Close Financing for Manzanita Place
Columbus, OH. Wednesday, September 21, 2016. NAHT, in partnership with Volunteers of America is pleased to announce the closing of $4.7 million dollars in Low-Income Housing Tax Credit (LIHTC) equity financing for the development of Manzanita Place. Manzanita Place is an affordable housing community for seniors and people with special needs with 47 one-bedroom and 15 studio apartments. Located in Roseville, CA, Manzanita Place is near numerous local services and convenient to public transportation.
NAHT secured the LIHTC investment under the Cornerstone/NAHT Enhanced Preservation Fund 2014-1 Limited Partnership. As the LIHTC syndicator, NAHT will work with Volunteers of America and the LIHTC investor to ensure the project meets development requirements and is completed on time. The deal was closed on Friday September 9, 2016.
“It has been a pleasure to collaborate with VOA and the LIHTC investors to close on the financing for this deal” said Marcus Vivona, Director of Acquisitions. “Manzanita Place will provide 62 affordable rental homes to low-income seniors and people with special needs. We’re proud to have played role in rehabilitating Volunteers of America’s affordable housing project in the Sacramento metro area and participating in their national affordable housing mission.”
Volunteers of America (VOA) touches the lives of more than 2 million people in over 400 communities in 46 states as well as the District of Columbia and Puerto Rico each year. Since 1896, VOA has supported and empowered America's most vulnerable groups, including veterans, at-risk youth, the frail elderly, men and women returning from prison, homeless individuals and families, people with disabilities, and those recovering from addictions.