WNC & Associates and Commonwealth Development Corporation of America Launch Affordable Living Project in Charles City, Iowa
$12 Million Project Includes a Mix of One-, Two-, and Three-Bedroom Homes Alongside a Community Center, Fitness Room and Green Space
CHARLES CITY, Iowa, June 18, 2025 (GLOBE NEWSWIRE) -- WNC & Associates (WNC), a family-owned business known as both a pioneer and leader in the affordable housing industry, and Commonwealth Development Corporation of America, have begun construction on The Collective on 13th, a 40-unit affordable housing community in southwest Charles City, Iowa.
Located at the intersection of Corporate Drive and 13th Street and in proximity to opportunities for shopping, employment, recreation, entertainment and education, The Collective on 13th comprises two multi-story buildings and a clubhouse building. The property includes 40 residences, including eight one-bedroom garden units, 16 two-bedroom garden units and 16 three-bedroom garden units, all targeting households earning between 30% and 80% of area median income (AMI).
“At WNC, we believe everyone deserves access to safe, high-quality housing in communities where they can thrive,” said Anil Advani, Executive Vice President of Originations and Finance at WNC. “The Collective on 13th reflects that belief by combining affordability with thoughtful design, modern amenities, and strong community spaces. We’re proud to partner on this development and excited to see the positive impact it will bring to Charles City.”
Each residential unit will feature a full suite of modern appliances and finishes, including a refrigerator, electric range/oven, dishwasher, garbage disposal, microwave, and an in-unit washer and dryer. Additional comforts include central air conditioning, window blinds, stylish vinyl plank flooring, and dedicated storage space, ensuring a high-quality living experience for residents.
Beyond the individual units, The Collective on 13th is planned to include a robust selection of shared amenities designed to foster connection and well-being. A welcoming community building will serve as the hub of activity, offering gathering spaces such as an activity room, lounge, craft room, kitchenette, fitness room, and a computer room. Outdoors, families and individuals will enjoy access to a playground and green space, offering spaces for recreation, relaxation, and community connection.
Construction of this property will be financed through a construction and permanent loan from Legacy Bank, loans from the Iowa Finance Authority, and the LIHTC equity from WNC & Associates, Inc.
The project will break ground immediately and construction is expected to be completed in 2026.
About WNC & Associates
Founded in 1971, WNC & Associates (WNC) is a family-owned business known as both a pioneer and leader in the affordable housing industry. WNC and its affiliated companies specialize in tax credit syndication, affordable housing development, and preservation equity fund investments. Combined, the WNC companies have acquired approximately $18.2 billion in assets across 48 states, including more than 1,800 affordable rental properties that house more than 1 million residents. With offices in 16 states, WNC has partnered with more than 400 developers and 125 institutional investors. To learn more, visit: https://www.wncinc.com/.
About Commonwealth Development Corporation of America
Commonwealth Development Corporation of America is an industry leader in the development of affordable housing utilizing low-income housing tax credits. Their development portfolio includes 59 multifamily properties (4,300+ units) across 16 states. The Collective on 13th will be the 25th property developed by Commonwealth Development Corporation of America that WNC has syndicated.
MEDIA CONTACT:
IDEA HALL
Andy Vernier
Andy@ideahall.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d4edcc00-10c6-4e55-8c53-2164ddc11eac
The Collective on 13th
WNC & Associates, a family-owned business known as both a pioneer and leader in the affordable housing industry, and Commonwealth Development Corporation of America, have begun construction on The Collective on 13th, a 40-unit affordable housing community in southwest Charles City, Iowa.
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