WNC Wraps Up $210M Tax Credit Fund
The investment vehicle will support the creation and preservation of more than 2,000 affordable units.
WNC & Associates has closed its Institutional Tax Credit Fund 59 at $210 million. The capital will support the development and rehabilitation of 18 affordable housing properties encompassing 2,015 units across 13 states. Of the total, five communities cater to seniors.
Fund 59 invests in low-income housing tax credits, energy tax credits and historic tax credits. The vehicle targets seven new developments and 11 preservation endeavors, including two historic rehabilitation projects.
The 18 properties are spread throughout Alaska, California, Florida, Indiana, Kentucky, Massachusetts, Maine, Minnesota, Missouri, Nebraska, New Hampshire, Nevada, and Texas.
One of the ground-up developments is Tabor Village, a 229-unit senior housing project in Dallas. Onyx Legacy Group and Lincoln Avenue Communities are developing the community.
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WNC had a busy 2025, with the company closing $2.2 billion in affordable housing acquisitions, topping 2024’s figure by $400 million. The company also amassed $928 million in investor equity to construct or rehabilitate more than 6,600 units. Additionally, WNC ranked as the top LIHTC rural syndicator last year.
LIHTC equity undergoes pricing discovery post OBBBA
The median LIHTC equity pricing ranged between $0.80 and $0.89 across geographic regions throughout the U.S. during the first quarter of 2026, according to Novogradac. The average equity price per credit declined more than 20 percent during the decade ending in 2026, as presented by the same source.
The OBBBA changes continued to affect pricing on account of an increase in tax credit supply. As the market undergoes price discovery, the property- and metro-level gaps may continue to widen. For instance, PNC LIHTC Fund 104’s net equity price ranges between $0.76 and $0.90, according to CohnReznick data.
