NAHT and Volunteers of America Close Financing for Westgate Towers
Columbus, OH -- Thursday, January 07, 2016 – National Affordable Housing Trust (NAHT), in partnership with Volunteers of America (VOA), one of the nation’s largest human services organizations, recently closed on $3.9M in financing for Westgate Towers. Westgate Towers is a 50-unit affordable housing community located in Denver, CO, which was originally built in 1991 by VOA as a HUD section 202 project. The project will receive a complete rehabilitation, including a full upgrade of existing space to maximize accessibility and energy efficiency.
The financing for the deal was provided by Low Income Housing Tax Credit (LIHTC) investments under the Cornerstone/NAHT Enhanced Preservation Fund. As the low-income housing tax credit syndicator, NAHT will work with VOA and the LIHTC Investors to ensure the project meets partnership standards and is completed on time. The equity deal was closed on December 23, 2015.
NAHT’s Vice President and Director of Acquisitions Marcus Vivona stated “NAHT is excited to continue its longtime relationship with VOA, by supporting the preservation of this important affordable and accessible senior housing project in Denver. We look forward to celebrating the grand re-opening of Westgate Towers when the rehabilitation is complete."
Volunteers of America (VOA) is a nonprofit organization that 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 through hundreds of human service programs, including housing and healthcare. VOA is also a member of Stewards of Affordable Housing for the Future (SAHF).
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