The ZeroPak project offers safe, high-quality multi-family housing in an underserved area

WINCHESTER, Va., August 27, 2024–(BUSINESS WIRE)–Advantage Capital, a leading impact investment firm that invests in underserved areas and expands access to affordable housing across the country, today announced the financial close 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 be the first family-focused, affordable housing project built in Winchester, Virginia since 1999.

ZeroPak is the conversion of a former 20th century apple processing and storage facility in downtown Winchester, Virginia, into a 121-unit, 100 percent affordable multifamily housing complex.

“We are proud to partner on another State of Virginia LIHTC investment and are especially excited to partner with ZeroPak Development LLC on one of the State of Virginia’s first combined LIHTC/HTC investments in Virginia,” said William Fiederlein, Vice President of Advantage Capital. “Although the Housing Opportunity Tax Credit program is still in its infancy, it will directly create new, affordable housing across the state. We are pleased to be able to help meet Winchester’s housing needs.”

“The redevelopment of the ZeroPak building will be a huge success for Winchester,” said John Willingham, partner at ZeroPak Development. “Hard work and a shared commitment to the community make this development possible, and we are excited to begin construction. State tax credits were a critical factor in funding it, and these types of unique policy solutions are needed to address the affordable housing shortage in Virginia and across the country.”

Advantage Capital, which supports and has actively supported the HOTC program alongside other organizations and entities, participates in state and federal tax credit programs to help developers finance housing projects and increase access to safe, quality, affordable housing for low-income families, veterans, public sector workers, and other vulnerable populations in America.

Please contact William Fiederlein at [email protected] for more information about Advantage Capital’s LIHTC efforts in Virginia.

About Advantage Capital

Advantage Capital is an impact investment firm that provides financing to established and emerging companies in communities underserved by traditional capital sources. Since 1992, the firm has invested more than $4.2 billion in companies across a wide range of industries, supporting more than 67,000 jobs. The firm also makes targeted investments in affordable housing and renewable energy solutions to strengthen economies and communities. For more information, visit Advantagecap.com.

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Advantage Capital is an investment adviser registered with the Securities & Exchange Commission, but such registration does not require any particular level of skill or education. This publication has been prepared for informational purposes and to announce a prior event. Nothing herein should be construed as an offering of investment advisory services or an offer to sell or a solicitation of an offer to buy any securities or investment products. Any offers for investment interests in funds or investment vehicles managed directly or indirectly by Advantage Capital will be made only to qualified prospective investors pursuant to separate and definitive offering and subscription documents under applicable federal and state securities laws. Advantage Capital is an equal opportunity provider.

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Contacts

Advantage capital
Jeff Grass, Vice President, Communications
[email protected]