Monarch Private Capital Finances New Affordable Housing Development in Oklahoma
The new development adds quality homes, jobs and income to the Yukon community
Monarch Private Capital, a nationally recognized ESG investment firm that develops, finances and manages a diversified portfolio of projects that generate both federal and state tax credits, is pleased to announce the financial closing of low-income housing tax credit (LIHTC) equity for a $30 million affordable housing development called the Cornerstone Apartments in Yukon, Oklahoma.
The Cornerstone Apartments are located at Czech Hall Road and Market Place Road in Yukon, Oklahoma’s Canadian County. The property site is part of the Market at Czech Hall, a $50 million retail development comprised of 180,000 square feet of retail space and seven additional plots of land. The new development will consist of three 3-story buildings comprised of 122 one, two and three-bedroom units available for households earning at or below 60 percent of the Area Median Income (AMI). A community room, business center, picnic area and playground will be shared by residents. Each unit will feature fully equipped kitchens, washers and dryers, and a patio or balcony. Monarch partnered with Cornerstone Housing Group, LLC, to complete the project, which is expected to be available for rent in 2023.
“Cornerstone Housing Group, LLC (CHG) has been working on the development of the project since 2018, with construction costs increasing annually,” said Cornerstone’s President Bobbi Jo Lucas. “Through the Oklahoma Housing Finance Agency, we were able to obtain both Federal Low Income Housing Tax Credits and Oklahoma State Tax Credits to help finance the project. The recent commercial growth in and around the area makes this site a prime location for families to be able to walk to most major amenities, including grocery, banking, retail and dining. With all the new developments happening, we are thrilled to finally bring this much-needed attainable housing to fruition.”
Established in 1891 at the juncture of Route 66 and the Chisolm Trail, Yukon, Oklahoma, is a town rich with history and culture. Known as the Czech Capital of Oklahoma, many Bohemian immigrants – later named Czechoslovakian after the country’s dissolution – moved to the City following the introduction of its first railway. Yukon celebrates its Czech heritage with a large Czech mural, dance hall and a history room at its local museum. Additionally, the Oklahoma Czech Festival offers the largest free outdoor festival in the state. Yukon was named Best Affordable Suburb by Business Week Magazine, offering diverse dining, retail and entertainment amenities for any budget.
In addition to addressing Oklahoma’s critical shortage of affordable housing units, the Cornerstone Apartments will have a significant impact on the local economy. Based on estimations from a National Association of Home Builders (NAHB) report, the project is expected to create nearly 200 jobs and generate more than $14 million in local income in the first year alone.
“Monarch is committed to providing affordable housing in Oklahoma,” said Steve LeClere, Partner, LIHTC at Monarch. “We appreciate our collaboration with Cornerstone Housing Group to help satisfy the growing need for quality rental communities that Yukon residents can afford and be proud to call home.”
About Monarch Private Capital
Monarch Private Capital manages ESG funds that positively impact communities by creating clean power, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers and lenders that participate in these types of federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the U.S.
About Cornerstone Housing Group, LLC
Cornerstone Housing Group (CHG) and its investors have developed 43 projects totaling 2,845 units of LIHTC housing across the Midwest, Southwestern and Mountain states. CHG and its affiliated companies maintain ownership and management of each property within its portfolio. Additionally, CHG has and will continue to offer development consulting services to communities and non-profit organizations that wish to develop and own their own projects.
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