Wells Villa Apartments is a 104-unit LIHTC acquisition/rehabilitation development located in Muskegon Heights, Michigan.
CCA's unique financing strategy combined HUD-236 funds and 9% tax credits, allowing the project to have a final debt burden that was lower than the original and still provide $30,000 of improvements for each unit. Renovation also included construction of a new community center and playground. Financing for the project involved assumption of existing state and federal debt.
The complex was developed for the Trinity Village Non-Profit Housing Corporation, a wholly owned subsidiary of the Church of God and Christ.