Nearly $30 million in low-income housing tax credit (LIHTC) equity will help finance a new 212-unit community in Lenexa, Kansas.
The LIHTC investment will provide approximately 40% of the total development costs of Canyon Creek East, which will offer a mix of one-, two-, and three-bedroom affordable homes, according to the Walker & Dunlop Affordable Equity team, which is providing the funding on behalf of MRE Capital.
“This financing represents a significant milestone in our mission to foster inclusive and sustainable communities," said Jennifer Erixon, senior managing director of originations at Walker & Dunlop. "Canyon Creek East exemplifies our commitment to providing affordable housing solutions that enhance the quality of life for residents and contribute to the economic vitality of the region.”
The community is part of the broader Cedar Canyon West development plan, which encompasses a mix of residential, commercial, and recreational facilities. MRE’s development will provide affordable housing options with units targeting households earning between 30% and 80% of the area median income. Furthermore, its location, proximate to major employers in the region, including the soon-to-be-completed Panasonic manufacturing facility and an acclaimed school district, provides residents easy access to employment centers and education.
“With LIHTC projects in the market boasting full occupancy and waitlists, Canyon Creek East is poised to address the growing demand for affordable housing options while contributing to the overall prosperity and well-being of the residents of Lenexa and surrounding areas,” said Daniel Sailler, a principal at MRE Capital. “We are glad to be working with the experts at Walker & Dunlop yet again to secure this impactful financing.”
Walker & Dunlop’s Affordable Equity team, formerly Alliant Capital, is part of the company’s broader affordable housing platform and is one of the nation's largest LIHTC syndicators. The team’s portfolio exceeds $14 billion in assets under management and has provided housing for over 400,000 low-income families, seniors, and veterans.
