WINCHESTER, Va.--(BUSINESS WIRE)--Advantage Capital, a leading impact investment firm that invests with intention in underserved areas and expands access to affordable housing opportunities across the country, today announced the financial closing of The ZeroPak, one of the first combined investments under the Virginia Housing Opportunity Tax Credit and Virginia Historic Rehabilitation Tax Credit programs. The ZeroPak will serve as the first family-focused affordable housing development built in Winchester, Virginia since 1999.
The ZeroPak is the adaptive reuse of a former 1900s era apple processing and storage facility in downtown Winchester, Virginia into a 121-unit, 100-percent affordable multifamily development.
“We are proud to partner on another State of Virginia LIHTC investment and are particularly excited about making one of the first combined State LIHTC/HTC investments in Virginia in tandem with ZeroPak Development LLC,” 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 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.”
Advantage Capital, which supported and actively advocated for the HOTC program alongside other organizations and entities, participates in state and federal tax credit programs to help developers finance housing developments and increase access to safe, high-quality, and affordable homes for low-income families, veterans, public service workers and other vulnerable populations in America.
Please contact William Fiederlein at wfiederlein@advantagecap.com for more information on Advantage Capital’s Virginia LIHTC efforts.
About Advantage Capital
Advantage Capital is an impact investment firm that provides financing to established and emerging companies located in communities underserved by conventional sources of capital. Since 1992, the firm has invested more than $4.2 billion in companies from a diverse array of industry sectors and has helped support more than 67,000 jobs. The firm also invests with intention in affordable housing developments and renewable energy solutions to grow economies and communities. Learn more at Advantagecap.com.
Advantage Capital is an Investment Adviser registered with the U.S. Securities & Exchange Commission. Such registration, however, does not imply a certain level of skill or training. This release has been prepared for informational purposes and to announce a prior event, and nothing herein should be construed as an offer of investment advisory services or as an offer to sell or a solicitation of an offer to purchase any securities or investment product. All offers of investment interests in any fund or investment vehicle managed directly or indirectly by Advantage Capital are and will be made only to qualified prospective investors pursuant to separate and definitive offering and subscription documents in accordance with applicable federal and state securities laws. Advantage Capital is an equal opportunity provider.
