WNC Closes $102M LIHTC Fund
- Aug 25, 2016
By Dees Stribling
Irvine, Calif.—WNC, a national investor in real estate and community development initiatives, has closed its WNC Institutional Tax Credit Fund 42 LP. The institutional low-income housing tax credit (LIHTC) fund raised $102 million.
WNC Corp. 42 is estimated to include a total of 1,504 affordable housing units, and comprises 17 apartment and senior housing properties scheduled for either new construction or rehabilitation. The properties will be located in 12 states, including Arkansas, California, Iowa, Idaho, Louisiana, Massachusetts, Minnesota, New Jersey, South Dakota, Tennessee, Texas and Wisconsin.
According to WNC senior vice president of investor relations Christine Cormier, about 28 percent of the properties in WNC Corp. 42 are new construction and thus will help to expand the stock of affordable housing. “The remaining 72 percent of the fund’s projects include traditional and historical renovation, preserving needed affordable housing,” she said.
For WNC, the fund continues existing investment partnerships and expands its investor base, which consists of two economic investors and four Community Reinvestment Act investors. This is the second national fund and third multi-investor fund that the company has closed in 2016; together, its funds total $329.7 million year-to-date.
All together, the Irvine, Calif.-based WNC has acquired more than $7.6 billion worth of assets totaling more than 1,300 properties in 45 states; Washington, D.C.; and the U.S. Virgin Islands. Since 2000, the company has been awarded four New Markets Tax Credit allocations totaling $178 million, which has facilitated development of 17 low-income community projects.