Commonwealth Celebrates Two August Tax Credit Awards
August 29, 2025
On August 8th, Commonwealth received a 9% tax credit award for Ark River Residences in Wichita, Kansas — a $13.2 million development that will bring 42 one-, two-, and three-bedroom homes across two three-story buildings, to families earning below 60% of the area median income. Future residents will enjoy access to a clubhouse with a community room, fitness and business centers, an outdoor patio with a grilling area, and a playground.
This milestone is especially significant as Ark River Residences marks Commonwealth’s first project in Kansas! Closing is anticipated in April 2026, with residents moving in by summer 2027.
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On August 22nd, we were also awarded another 9% tax credit award for the Preserve at Forest Heights in Gastonia, North Carolina. This $17.1 million development will provide 52 one-, two-, and three-bedroom homes across two two-story buildings for families earning between 30–70% of the area median income. Amenities will include a clubhouse with a community room, property management office, and laundry.
Preserve at Forest Heights is additionally notable because it represents the City of Gastonia’s request to expand upon Commonwealth’s Enclave at Forest Heights development – a 2024 LIHTC award recipient that just closed on August 28th! – with a second project on the 12-acre site. Thanks to a collaborative effort with the city, the North Carolina Housing Finance Agency, and M+A’s Project Manager, the team redesigned the site to both double the number of affordable homes and avoid any impacts to newly identified wetlands and streams.
We also anticipate closing Preserve at Forest Heights in April 2026 and welcoming residents starting in July 2027.
