Ravello Holdings and WNC & Associates to Construct Maison's Sierra Affordable Housing in Lancaster, CA
18 June 2024 - 5:26PM
Ravello Holdings, one of California’s leading developers and
builders of quality single and multi-unit homes, and WNC &
Associates (WNC), a family-owned business known as both a pioneer
and leader in the affordable housing industry, have closed a deal
to begin construction on Maison’s Sierra, an affordable housing
community comprised of 196 single-family affordable rental homes.
The development is unique in that each unit represents a
single-family home rather than a multifamily development. Maison’s
Sierra will offer 39 one-bedroom, 77 two-bedroom, and 78
three-bedroom single-family homes restricted to households earning
30, 50, 60, and 70 percent of area median income (AMI). In
addition, there will be one designated manager’s unit.
“This area of Lancaster is experiencing high growth in
employment opportunities for middle class families who will benefit
tremendously from the availability of affordable housing,” said
Jessica Captanis, Vice President of Originations - West at WNC.
Located at 45635 Sierra Highway, Maison’s Sierra is situated
close to downtown Lancaster, including several shops, schools and
amenities, including a public library and the Museum of Art and
History (MOAH).
“Ravello Holdings believes that workforce housing should have a
variety of options for families, and that the single-family home
rental model better serves households in the Antelope Valley,” said
Phil Ram, President at Ravello Holdings.
The deal was structured with federal and state Low Income
Housing Tax Credits, energy credits, tax-exempts bonds, a
construction loan from Merchants Bank, and permanent financing from
California Housing Finance Agency and its Mixed Income Program.
Construction is expected to be completed in 18 months.
About Ravello HoldingsRavello Holdings is an
experienced real estate development company focused on meeting the
needs of housing demands throughout California. With more than 35
years of experience in delivering premium residential projects
throughout California, the principals at Ravello Holdings (Ravello)
have served a variety of markets including high-end condominiums
and apartments, planned luxury home communities, beachfront and
mountain retreats, affordable housing, urban revitalization,
student housing, senior communities, mixed-use (residential, retail
and office), and adaptive reuse.
About WNC & AssociatesFounded in 1971, WNC
& Associates (WNC) is a family-owned business known as both a
pioneer and leader in the affordable housing industry. WNC and its
affiliated companies specialize in tax credit syndication,
affordable housing development, and preservation equity fund
investments. Combined, the WNC companies have acquired
approximately $18.2 billion in assets across 48 states, including
more than 1,800 affordable rental properties that house more than 1
million residents. With offices in 16 states, WNC has partnered
with more than 400 developers and 125 institutional
investors. To learn more, visit: https://www.wncinc.com/.
MEDIA CONTACT:
IDEA HALL
Rachel Fuller
rachel@ideahall.com