A former 1900s-era apple processing and storage facility is being adapted into affordable housing in Winchester, Virginia.
Advantage Capital, an impact investment firm, announced the financing closing of The ZeroPak, one of the first combined investments involving the Virginia Housing Opportunity Tax Credit (HOTC) and the Virginia Historic Rehabilitation Tax Credit (HTC) programs.
The 121-unit development will serve as the first family-focused affordable housing community built in Winchester since 1999, according to officials.
“We are proud to partner on another state of Virginia LIHTC [low-income housing tax credit] investment and are particularly excited about making one of the first combined state LIHTC/HTC investments in Virginia in tandem with ZeroPak Development,” said William Fiederlein, vice president, Advantage Capital. “While the Housing Opportunity Tax Credit program is in its infancy, it is directly delivering new, affordable apartments across the commonwealth. We are pleased to play a part in addressing the housing needs of Winchester.”
The firm, which advocated for the HOTC program, provided approximately $19 million of state housing tax credit and state historic tax credit equity. Walker & Dunlop arranged the federal LIHTC equity.
“The ZeroPak building rehabilitation will be a big win for Winchester,” said John Willingham, partner, ZeroPak Development. “Hard work and a shared commitment to the community are making this development possible, and we are excited to be underway with construction. State tax credits were a critical component to making the financing work, and these types of unique policy solutions are needed to address the lack of affordable housing in Virginia and across the country.”
