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Walnut Ridge rehab preserved with 80% PILOT; Wallach Communities to keep units affordable
Summary
Wallach Communities won committee approval for an 80% PILOT to preserve Walnut Ridge Apartments as affordable senior housing after foreclosure; the developer cited a funding package including 9% tax credits and an estimated $17 million development cost.
Wallach Communities presented an 80% payment-in-lieu-of-taxes (PILOT) request Nov. 17 that the committee approved to preserve Walnut Ridge Apartments, a 78-unit senior property at risk of converting to market rate after a 2024 foreclosure.
Sarah Ford, vice president of development for Wallach Communities, said the organization secured a new allocation of 9% Low-Income Housing Tax Credits and related financing to keep the property affordable for at least 55 years; total development costs are just under $17 million. Wallach plans on-site amenities including a walking path, fitness and business centers, free unit Wi-Fi, a greenhouse for residents, and a relocation plan intended to minimize resident disruption. The developer said Wallach intends to remain the long-term owner, manager and operator.
Councilors, including Ron Gibson, voiced support for preserving the asset and praised the developer—s commitment to resident services and a careful relocation plan. The committee moved, seconded and approved the 80% PILOT request by voice vote.
Next steps: Wallach and city staff will finalize PILOT documentation and implement relocation and rehab plans under HUD/tax-credit reporting requirements.
