(MENAFN- GlobeNewsWire - Nasdaq) New $52 Million Community Will Provide Quality Housing and Modern Amenities for Working Families Earning 60% or less of Area Median Income

BOWLING GREEN, Ky., Oct. 09, 2025 (GLOBE NEWSWIRE) -- WNC & Associates (WNC), a family-owned business known as both a pioneer and leader in the affordable housing industry, in partnership with SOCAYR, Inc. and Bywater Development Group, have announced the groundbreaking of Emery Flats, a 180-unit affordable housing community in Bowling Green, Ky.

Strategically located at 1200 Morgantown Road, just off the intersection of US-231 and US-68, Emery Flats will bring 180 much-needed apartment homes to the community, serving households earning 60% or less of the Area Median Income (AMI). The $52 million development will span six thoughtfully designed three-story buildings and offer a mix of 45 one-bedroom, 90 two-bedroom, and 45 three-bedroom residences-helping to expand access to quality, affordable housing in the region.

“At WNC, we believe that safe, high-quality housing is the foundation for strong, thriving communities,” said Anil Advani, Executive Vice President of Originations and Finance at WNC.“Emery Flats will not only provide much-needed affordable housing for working families in Bowling Green, but it will also offer modern amenities and community spaces that foster connection, stability, and opportunity for residents for years to come.”

Residents of Emery Flats will enjoy a full suite of modern in-home features designed for comfort and convenience, including electric ranges, microwaves, refrigerators, dishwashers, and in-unit washer/dryer appliances. Each home will feature central air conditioning, ceiling fans, carpet and composite flooring, window blinds, and spacious walk-in closets. Select residences will also offer private patios or balconies, and all units will benefit from controlled access with key-fob entry for added security.

Additionally, Emery Flats will offer an array of community amenities that promote connection, recreation, and convenience. Highlights include a clubhouse with a community kitchen, common-area Wi-Fi, and a business/computer center, as well as outdoor gathering spaces like a common patio, grilling area, and walking paths. Residents will also enjoy a swimming pool, playground, dog park, and basketball court. Additional features include bike racks and supplemental storage, a parcel kiosk for secure deliveries, and 272 surface parking spaces. On-site management, CCTV security cameras, and controlled access ensure peace of mind, while amenities such as pet care areas and abundant recreation options enhance the community's quality of life.

Beyond its physical features, Emery Flats also plays a vital role in the long-term recovery and resilience of the Bowling Green community. In December 2021, two tornadoes swept through Western Kentucky, causing significant damage throughout the region-including Bowling Green. Emery Flats is one of 11 developments, including two others co-developed by SOCAYR and Bywater and closing simultaneously with this project, that received a combined $223 million in funding to support the rebuilding of communities affected by the storms.

In addition to 4% tax credit equity proceeds, the project will be financed with both a tax-exempt and taxable tail construction loan from HOPE of the Midwest, as well as a Cedar Rapids Bank and Trust permanent loan. The Project has also been awarded $8.6MM in Community Development Block Grant – Disaster Rescovery funds.

The project will break ground immediately and construction is expected to be completed in February 2027.

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: .

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